The T2 Biosystems $T2 Biosystems(TTOO)$ stock price gained 44.03% on Thursday, 3rd Aug 2023, rising from $0.243 to $0.350. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 41.46% from a day low at $0.318 to a day high of $0.450. The price has risen in 7 of the last 10 days and is up by 249.65% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 181 million more shares were traded than the day before. In total, 468 million shares were bought and sold for approximately $163.78 million.
Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
TTOO Signals & Forecast
The T2 Biosystems stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $0.179 and $0.110. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 13, 2023, and so far it has risen 461.80%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for T2 Biosystems stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.282 and $0.279. 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, T2 Biosystems finds support just below today's level at $0.282. If this is broken, then the next support from accumulated volume will be at $0.279 and $0.275.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.132 between high and low, or 41.46%. For the last week, the stock has had daily average volatility of 36.58%.
The T2 Biosystems stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.339 (-3.20%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from a pivot bottom found 35 days ago.)
Trading Expectations (TTOO) For The Trading Day Of Friday 4th
For the trading day on Friday, 4th we expect T2 Biosystems to open at $0.373, and during the day (based on 14 day Average True Range), to move between $0.308 and $0.392, which gives a possible trading interval of +/-$0.0424 (+/-12.10%) up or down from last closing price. If T2 Biosystems takes out the full calculated possible swing range there will be an estimated 24.20% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.282, some $0.0680 (19.43%) from the current price of $0.350, our system finds the risk reward attractive.
Insiders are very positive buying more shares than they are selling in T2 Biosystems
In the last 100 trades there were 54.17 million shares bought and 2.1 million shares sold. The last trade was made 32 days ago by Cr Group L.p. who bough 59.7 thousand shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.
Is T2 Biosystems stock A Buy?
T2 Biosystems holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
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