Wed 01'st Aug 2018
Sorrento Therapeutics Stock Analysis
Technical stock analysis for Wed 01'st Aug 2018
|Shorts||6.60% ( 2018-07-13 )|
Sorrento Therapeutics fell by -1.79% in the last day from $5.60 to $5.50 The price has fallen in 6 of the last 10 days and is down by -16.67% for this period. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -0.21 million shares and in total 1.79 million shares bought and sold for approximately $9.87 million.
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 -16.46% during the next 3 months and, with 90% probability hold a price between $4.18 and $6.00 at the end of this period.
Some negative signals were issued as well, and these may have some influence on the near short-term development. Sorrento Therapeutics holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $6.62. On a fall, the stock will find some support from the short-term average at $5.45. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal. A sales signal was issued from a pivot top point on Tuesday July 31, 2018, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
The stock currently holds a RSI14 at 24 and is oversold on RSI14. The stock being oversold is no guarantee for instant reaction up as some stocks may be oversold for a long time. It is important to review the previous RSI-history to get an indication of the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $5.15 and $5.05.
With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.00 may give a huge drop in the stock price.
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 $0.40 between high and low, or 7.48%. For the last week, the stock has had a daily average volatility of 10.26%.
Sorrento Therapeutics is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Strong Sell Candidate.Click for Top 5 Strong Sell Candidates