AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) gained 0.25% in yesterday’s session, going up from its prior closing price of $3.94 to $3.95, and has now recorded rally in 3 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The price has been moving in both directions for this period, and there has been a 6.33% gain over 10-day period. Trading activity decreased by -3.80 million shares, and in total, 4.06 M shares exchanged hands for about $16.05 million. It should be noted that increasing price and decreasing volume show lack of interest and this is a warning that something has fundamentally changed.
Inside AVEO’s Recent Trend
AVEO Pharmaceuticals, Inc. (AVEO) enjoys staying at the middle end of a sharp increasing trend in a short period of time and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 48.1% over the course of a quarter and, with 90% chance the price will be floating in the range of $5.07 and $6.81 in this timeframe.
AVEO Pharmaceuticals, Inc. Technical Signals
AVEO has witnessed its long term and short term MA triggering a buy signal. Many traders watch for short-term averages to cross above long-term averages to signal the beginning of a uptrend. Upon corrections, the price will meet support from the averages between $3.74 and $3.58. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Thursday September 28, 2017, which calls for additional surge until the stock forms a new pivot point high. There was a decrease in volume but the price rose. This is usually not interpreted as a good sign as traders widely believe falling volume should see declining stock. Investors should be watching the price action like a hawk in the coming sessions.
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) Support And Resistance Levels
AVEO Pharmaceuticals, Inc. (AVEO) recorded volume accumulation so there will probably be a surplus of buyers at $3.84. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $3.99.
Accumulated volume is going to prevent the price from rising further at $3.99 and this action will lead the price to take a temporary pause or stay muted for a few days.
AVEO Pharmaceuticals, Inc. (AVEO) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.22 between high and low, or 5.71%. The average volatility for the past week stood at 6.40%.