Cannabics Pharma Stock Forecast
High volatility in Cannabics Pharma stock price on Monday which ended trading at $0.0120
(Updated on Apr 22, 2024)
The Cannabics Pharma stock price gained 5.04% on the last trading day (Monday, 22nd Apr 2024), rising from $0.0114 to $0.0120. During the last trading day the stock fluctuated 11.61% from a day low at $0.0112 to a day high of $0.0125. The price has been going up and down for this period, and there has been a -9.28% loss for the last 2 weeks. Volume fell on the last day by -190 thousand shares and in total, 73 thousand shares were bought and sold for approximately $875.37 . 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 is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Cannabics Pharma stock with a 90% probability to be traded between $0.0105 and $0.0185 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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CNBX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 15.14%. 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 Cannabics Pharma 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 $0.0122 and $0.0137. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Cannabics Pharma stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0112 and $0.0110. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cannabics Pharma finds support just below today's level at $0.0112. If this is broken, then the next support from accumulated volume will be at $0.0110 and $0.0106.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0013 between high and low, or 11.61%. For the last week the stock has had daily average volatility of 19.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNBX) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cannabics Pharma to open at $0.0119, and during the day (based on 14 day Average True Range), to move between $0.0091 and $0.0149, which gives a possible trading interval of +/-$0.0029 (+/-24.39%) up or down from last closing price. If Cannabics Pharma takes out the full calculated possible swing range there will be an estimated 48.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0125 (4.38%) than the support at $0.0112 (6.89%), 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 Cannabics Pharma stock A Buy?
Cannabics Pharma holds several negative signals and is within a very 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: -1.597 Sell Candidate Unchanged
Predicted Opening Price for Cannabics Pharma of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $0.0119 ( 0.696%) | $0.0120 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNBX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0132 | 10.16 % | |
| R2 | 0.0127 | 6.01 % | ||
| R1 | 0.0124 | 3.45 % | ||
| Current price: | 0.0120 | |||
| Support | S1 | 0.0114 | -4.84 % | |
| S2 | 0.0111 | -7.40 % | ||
| S3 | 0.0106 | -11.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0150 | 24.93 % | |
| R2 | 0.0132 | 10.23 % | ||
| R1 | 0.0125 | 4.38 % | ||
| Current price | 0.0120 | |||
| Support | S1 | 0.0112 | -6.89% | |
| S2 | 0.0110 | -8.14% | ||
| S3 | 0.0106 | -11.48% |
FAQ
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