Oncolytics Biotech Inc. Stock Forecast
Oncolytics Biotech Inc. stock downgraded to Hold/Accumulate
(Updated on Apr 26, 2024)
The Oncolytics Biotech Inc. stock price gained 0.93% on the last trading day (Friday, 26th Apr 2024), rising from $1.08 to $1.09. During the last trading day the stock fluctuated 3.77% from a day low at $1.06 to a day high of $1.10. The price has risen in 5 of the last 10 days but is still down by -4.39% for this period. Volume fell on the last day by -83 thousand shares and in total, 219 thousand shares were bought and sold for approximately $238.64 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.55% during the next 3 months and, with a 90% probability hold a price between $0.84 and $1.12 at the end of this 3-month period.
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ONCY Signals & Forecast
The Oncolytics Biotech Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.06 and $1.07. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -6.03%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
A sell signal from a double top formation was found on Tuesday, April 09, 2024 and based on theory for this formation the price should fall by -18.74% to $0.89 within 35 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Oncolytics Biotech Inc. stock
Oncolytics Biotech Inc. finds support from accumulated volume at $1.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0400 between high and low, or 3.77%. For the last week the stock has had daily average volatility of 4.43%.
Our recommended stop-loss: $1.04 (-4.56%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (ONCY) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Oncolytics Biotech Inc. to open at $1.08, and during the day (based on 14 day Average True Range), to move between $1.03 and $1.15, which gives a possible trading interval of +/-$0.0625 (+/-5.73%) up or down from last closing price. If Oncolytics Biotech Inc. takes out the full calculated possible swing range there will be an estimated 11.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.05 (3.67%) than the resistance at $1.14 (4.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Oncolytics Biotech Inc. will release earnings BMO on Friday, May 03, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0900. We will update the financials statements for Oncolytics Biotech Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.44% in the first trading day after earnings release.
Is Oncolytics Biotech Inc. stock A Buy?
Oncolytics Biotech Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.854 Hold/Accumulate Downgraded
Predicted Opening Price for Oncolytics Biotech Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $1.08 ( 0.612%) | $1.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONCY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.12 | 3.06 % | |
| R2 | 1.11 | 1.66 % | ||
| R1 | 1.10 | 0.790 % | ||
| Current price: | 1.09 | |||
| Support | S1 | 1.07 | -2.01 % | |
| S2 | 1.06 | -2.88 % | ||
| S3 | 1.04 | -4.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.16 | 6.42 % | |
| R2 | 1.15 | 5.50 % | ||
| R1 | 1.14 | 4.59 % | ||
| Current price | 1.09 | |||
| Support | S1 | 1.05 | -3.67% | |
| S2 | 1.04 | -4.59% | ||
| S3 | 1.02 | -6.42% |
FAQ
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