Sorrento Therapeutics Stock Forecast

Stronger technical forecast for Sorrento Therapeutics stock price after Thursday trading.
(Updated on Feb 23, 2023)

SRNE Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, February 22, 2023, and so far it has fallen 0%. 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. The Sorrento Therapeutics stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.88. On a fall, the stock will find some support from the short-term average at $0.276. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Sorrento Therapeutics stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.258 and $0.257. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.257 may give a huge drop in the stock price.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 45.47%

Sorrento Therapeutics is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SRNE) For The Upcoming Trading Day Of Friday 24th

For the upcoming trading day on Friday, 24th we expect Sorrento Therapeutics to open at $0.307, and during the day (based on 14 day Average True Range), to move between $0.188 and $0.426, which gives a possible trading interval of +/-$0.119 (+/-38.75%) up or down from last closing price. If Sorrento Therapeutics takes out the full calculated possible swing range there will be an estimated 77.49% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.310 (0.88%) than the support at $0.258 (16.08%), 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 Sorrento Therapeutics stock A Buy?

Sorrento Therapeutics holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -4.156 Sell Candidate Upgraded

Predicted Opening Price for Sorrento Therapeutics of Friday, February 24, 2023

The predicted opening price is based on yesterday's movements between high, low, and closing price.