Summit Therapeutics plc Stock Forecast
Red day on Thursday for Summit Therapeutics plc stock after losing 0%
(Updated on Mar 05, 2020)
No changes to the price of Summit Therapeutics plc stock on the last trading day (Thursday, 5th Mar 2020). During the last trading day the stock fluctuated 0% from a day low at £0.205 to a day high of £0.205. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at £0.200 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Summit Therapeutics plc stock with a 90% probability to be traded between £0.200 and £0.239 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SUMM.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, February 20, 2020, 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 Summit Therapeutics plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.205 and £0.214. A break-up above any of these levels will issue buy signals. 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 Summit Therapeutics plc stock
Summit Therapeutics plc finds support from accumulated volume at £0.200 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 0%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SUMM.L) For The Upcoming Trading Day Of Friday 6th
For the upcoming trading day on Friday, 6th we expect Summit Therapeutics plc to open at £0.205, and during the day (based on 14 day Average True Range), to move between £0.194 and £0.216, which gives a possible trading interval of +/-£0.0108 (+/-5.28%) up or down from last closing price. If Summit Therapeutics plc takes out the full calculated possible swing range there will be an estimated 10.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.200 (2.44%) than the resistance at £0.210 (2.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Summit Therapeutics plc stock A Buy?
Summit Therapeutics plc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.004 Sell Candidate Unchanged
Predicted Opening Price for Summit Therapeutics plc of Friday, March 6, 2020
| Fair opening price March 6, 2020 | Current price |
|---|---|
| £0.205 ( 0%) | £0.205 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUMM.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.205 | . | |
| R2 | 0.205 | . | ||
| R1 | 0.205 | . | ||
| Current price: | 0.205 | |||
| Support | S1 | 0.205 | . | |
| S2 | 0.205 | . | ||
| S3 | 0.205 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.220 | 7.32 % | |
| R2 | 0.215 | 4.88 % | ||
| R1 | 0.210 | 2.44 % | ||
| Current price | 0.205 | |||
| Support | S1 | 0.200 | -2.44% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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