Overview
MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) has recently demonstrated a notable upward momentum, indicating potential bullish activity. The stock price has surged by 31.45%, closing at $0.8610. This analysis will delve into various technical indicators, price action, and patterns to offer a comprehensive outlook, including speculative price targets and trading strategies.
Price Action and Candle Analysis
The recent candlestick formation suggests a bullish reversal, with the price closing near its high for the day. The significant increase in volume indicates strong buying interest. The stock has found support around the $0.70 level, which has been tested multiple times in the past few months.
Moving Averages
The moving averages are showing mixed signals:
Short-term (10 EMA, SMA): Both the Exponential Moving Average (EMA) and Simple Moving Average (SMA) for the short term are currently in a buy zone, with the 10 EMA at $0.7492 and the 10 SMA at $0.7354.
Medium-term (30 EMA, SMA): The 30 EMA is at $0.8272, while the 30 SMA is at $0.8169, both indicating a potential buy signal.
Long-term (200 EMA, SMA): Both the 200 EMA ($2.4360) and 200 SMA ($2.4190) are in sell territory, suggesting that the long-term trend is still bearish.
Oscillators and Momentum Indicators
Relative Strength Index (RSI): The RSI is at 55.3788, indicating neutral momentum but leaning towards bullish territory.
MACD: The MACD level (12, 26) is at -0.0560 with a bullish crossover, suggesting a potential continuation of the upward momentum.
Stochastic Oscillator: The %K value is 32.3012, indicating the stock is not overbought, providing room for further upward movement.
Volume Analysis
The volume has significantly increased to 1.78M, which is above the 30-day average of 106.04K. This surge in volume supports the bullish sentiment and indicates strong investor interest.
Support and Resistance Levels
Immediate Support: $0.70 (tested multiple times and held firm)
Immediate Resistance: $0.90 (near the current price level)
Key Resistance Levels: $1.00, $1.05 (R1), and $1.27 (R2)
Pivot Points
Classic Pivot Point: $0.9100
Fibonacci Pivot Point: $0.9100
Camarilla Pivot Point: $0.9100
Earnings and Valuation Metrics
Next Earnings Report: Approximately 100 days from now (around August 28, 2024)
Market Capitalization: $9.68M
EPS (TTM): -$0.81
Shares Float: 9.76M
Trading Strategy and Price Prediction
Given the current technical setup and momentum:
Long Position: Consider entering a long position if the price breaks and sustains above $0.90. Set a stop loss at $0.70 to manage downside risk. Target price levels are $1.05 (R1) and $1.27 (R2).
Short Position: If the price fails to hold above $0.70, consider shorting with a stop loss at $0.90. Target price levels are $0.55 (S2) and $0.30 (below S3).
Speculative Price Targets
Bullish Scenario: If bullish momentum continues and the stock breaks above $1.05, it could potentially reach $1.27 in the near term. A breakout above $1.27 could see the stock test the $1.63 level.
Bearish Scenario: If bearish pressure prevails and the stock drops below $0.70, the next support levels are $0.55 and $0.30.
Conclusion
MIRA Pharmaceuticals, Inc. shows potential for a bullish breakout given the recent price action and volume surge. However, traders should monitor key support and resistance levels closely. The recommended strategy is to enter long positions on a confirmed breakout above $0.90 with a stop loss at $0.70. Conversely, short positions could be considered if the price fails to hold above $0.70. As always, manage risk appropriately and stay updated with the latest market news and technical signals.
MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) has recently demonstrated a notable upward momentum, indicating potential bullish activity. The stock price has surged by 31.45%, closing at $0.8610. This analysis will delve into various technical indicators, price action, and patterns to offer a comprehensive outlook, including speculative price targets and trading strategies.
Price Action and Candle Analysis
The recent candlestick formation suggests a bullish reversal, with the price closing near its high for the day. The significant increase in volume indicates strong buying interest. The stock has found support around the $0.70 level, which has been tested multiple times in the past few months.
Moving Averages
The moving averages are showing mixed signals:
Short-term (10 EMA, SMA): Both the Exponential Moving Average (EMA) and Simple Moving Average (SMA) for the short term are currently in a buy zone, with the 10 EMA at $0.7492 and the 10 SMA at $0.7354.
Medium-term (30 EMA, SMA): The 30 EMA is at $0.8272, while the 30 SMA is at $0.8169, both indicating a potential buy signal.
Long-term (200 EMA, SMA): Both the 200 EMA ($2.4360) and 200 SMA ($2.4190) are in sell territory, suggesting that the long-term trend is still bearish.
Oscillators and Momentum Indicators
Relative Strength Index (RSI): The RSI is at 55.3788, indicating neutral momentum but leaning towards bullish territory.
MACD: The MACD level (12, 26) is at -0.0560 with a bullish crossover, suggesting a potential continuation of the upward momentum.
Stochastic Oscillator: The %K value is 32.3012, indicating the stock is not overbought, providing room for further upward movement.
Volume Analysis
The volume has significantly increased to 1.78M, which is above the 30-day average of 106.04K. This surge in volume supports the bullish sentiment and indicates strong investor interest.
Support and Resistance Levels
Immediate Support: $0.70 (tested multiple times and held firm)
Immediate Resistance: $0.90 (near the current price level)
Key Resistance Levels: $1.00, $1.05 (R1), and $1.27 (R2)
Pivot Points
Classic Pivot Point: $0.9100
Fibonacci Pivot Point: $0.9100
Camarilla Pivot Point: $0.9100
Earnings and Valuation Metrics
Next Earnings Report: Approximately 100 days from now (around August 28, 2024)
Market Capitalization: $9.68M
EPS (TTM): -$0.81
Shares Float: 9.76M
Trading Strategy and Price Prediction
Given the current technical setup and momentum:
Long Position: Consider entering a long position if the price breaks and sustains above $0.90. Set a stop loss at $0.70 to manage downside risk. Target price levels are $1.05 (R1) and $1.27 (R2).
Short Position: If the price fails to hold above $0.70, consider shorting with a stop loss at $0.90. Target price levels are $0.55 (S2) and $0.30 (below S3).
Speculative Price Targets
Bullish Scenario: If bullish momentum continues and the stock breaks above $1.05, it could potentially reach $1.27 in the near term. A breakout above $1.27 could see the stock test the $1.63 level.
Bearish Scenario: If bearish pressure prevails and the stock drops below $0.70, the next support levels are $0.55 and $0.30.
Conclusion
MIRA Pharmaceuticals, Inc. shows potential for a bullish breakout given the recent price action and volume surge. However, traders should monitor key support and resistance levels closely. The recommended strategy is to enter long positions on a confirmed breakout above $0.90 with a stop loss at $0.70. Conversely, short positions could be considered if the price fails to hold above $0.70. As always, manage risk appropriately and stay updated with the latest market news and technical signals.