Ovid Therapeutics Inc Stock Forecast
Stronger technical forecast for Ovid Therapeutics Inc stock price after Wednesday trading.
(Updated on Apr 24, 2024)
The Ovid Therapeutics Inc stock price fell by -1.56% on the last day (Wednesday, 24th Apr 2024) from $3.20 to $3.15. During the last trading day the stock fluctuated 3.41% from a day low at $3.11 to a day high of $3.22. The price has fallen in 5 of the last 10 days and is down by -0.94% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -398 shares and in total, 109 thousand shares were bought and sold for approximately $344.70 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $3.35 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -20.47% during the next 3 months and, with a 90% probability hold a price between $1.87 and $2.66 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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OVID Signals & Forecast
The Ovid Therapeutics Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.17. On a fall, the stock will find some support from the long-term average at approximately $3.07. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 15.81%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Ovid Therapeutics Inc stock
Ovid Therapeutics Inc finds support from accumulated volume at $3.05 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 $0.106 between high and low, or 3.41%. For the last week the stock has had daily average volatility of 4.16%.
Our recommended stop-loss: $3.03 (-3.88%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 27 days ago.)
Trading Expectations (OVID) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Ovid Therapeutics Inc to open at $3.16, and during the day (based on 14 day Average True Range), to move between $3.01 and $3.29, which gives a possible trading interval of +/-$0.142 (+/-4.52%) up or down from last closing price. If Ovid Therapeutics Inc takes out the full calculated possible swing range there will be an estimated 9.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.20 (1.59%) than the support at $3.05 (3.17%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ovid Therapeutics Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.924 Buy Candidate Upgraded
Predicted Opening Price for Ovid Therapeutics Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $3.16 ( 0.275%) | $3.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OVID
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.26 | 3.64 % | |
| R2 | 3.22 | 2.35 % | ||
| R1 | 3.20 | 1.56 % | ||
| Current price: | 3.15 | |||
| Support | S1 | 3.12 | -1.01 % | |
| S2 | 3.09 | -1.80 % | ||
| S3 | 3.05 | -3.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.87 | 22.86 % | |
| R2 | 3.43 | 8.89 % | ||
| R1 | 3.20 | 1.59 % | ||
| Current price | 3.15 | |||
| Support | S1 | 3.05 | -3.17% | |
| S2 | 2.79 | -11.43% | ||
| S3 | 2.72 | -13.65% |
FAQ
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