Myriad Genetics – MYGN
Industry: Research Services Sector: Services Exchange: NASDAQ
Myriad Genetics Stock Analysis
Technical stock analysis for Mon 16’th Jul 2018
Buy candidate since 2018-07-11 Loss -2.37%
| Shorts | 13.31% ( 2018-06-29 ) |
| Cash | 291.8 mill |
| Loans | n/a |
| Beta | 0.46 |
| ROA | 11.05 |
Myriad Genetics fell by -1.57% in the last day from $42.69 to $42.02 and has now fallen 4 days in a row. The price has been going up and down for this period, and there has been a 12.44% gain for the last 2 weeks. Volume has increased in the last day by 41 494 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, 685 206 shares bought and sold for approximately $28.79 million.
Trend
Myriad Genetics lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 40.67% during the next 3 months and, with 90% probability hold a price between $54.13 and $64.38 at the end of this period.
Signals
Myriad Genetics 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 $40.63 and $38.86. 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 Wednesday July 11, 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 69 and the stock is currently not being overbought or oversold.
Support & Resistance
On the downside, the stock finds support just below today’s level from accumulated volume at $39.42 and $38.87.
There is 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, Myriad Genetics finds support just below today’s level at $39.42. If this is broken, then the next support from accumulated volume will be at $38.87 and $33.55.
Risk
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 $1.68 between high and low, or 4.12%. For the last week, the stock has had a daily average volatility of 4.27%.
The recommended stoploss: $40.34 (-4.00%)(This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 3 days ago.)
Overall risk: Low
Evaluation
Several short-term signals, along with a general good trend, are positive and I conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term.