Fri 25'th May 2018
Sorrento Therapeutics Stock Analysis
Technical stock analysis for Fri 25'th May 2018
Sorrento Therapeutics fell by -1.26% in the last day from $7.95 to $7.85 The price has been going up and down for this period, and there has been a 3.29% gain for the last 2 weeks. Volume has increased in the last day by 0.09 million shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 1.73 million shares bought and sold for approximately $13.57 million.
|Shorts||6.25% ( 2018-04-30 )|
Sorrento Therapeutics 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 -6.35% during the next 3 months and, with 90% probability hold a price between $3.92 and $8.74 at the end of this period.
Sorrento Therapeutics holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $7.44 and $6.73. A break down 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 sales signal was issued from a pivot top point on Thursday May 24, 2018, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Relative Strength Index (RSI)
RSI14 is 62 and the stock is currently not being overbought or oversold
Support & Resistance
Sorrento Therapeutics finds support from accumulated volume at $7.55.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.50 between high and low, or 6.49%. For the last week, the stock has had a daily average volatility of 5.30%.
Our recommended stoploss: $7.53 (-4.11%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 1 days ago.)
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Sorrento Therapeutics holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.
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