Should i buy smmt now for day trading?

Based on the current analysis, Summit Therapeutics (SMMT) does not appear to be an ideal candidate for day trading. Here's why:

1. Recent Performance: SMMT has experienced a significant increase, with a 20.01% surge on September 10, 2024. This recent volatility could indicate a potential for short-term fluctuations, which are common in day trading.
2. Technical Indicators:
   • The Relative Strength Index (RSI) is at 79.84, which is considered to be in the overbought territory. This suggests that the stock might be due for a pullback or consolidation, which is not ideal for entering a new position.
   • The Moving Average Convergence Divergence (MACD) is at 2.96, which could indicate a bullish trend. However, without additional context, it's difficult to determine if this is a strong enough signal for day trading.

3. Market Sentiment:
   • Options traders are evenly divided between bullish and bearish sentiments, which does not provide a clear indication of the stock's future direction.
   • The stock is currently 38.67% away from its 52-week high, which could imply that there is still room for growth, but it also means that it is closer to the overbought territory.
4. Risk Considerations: Day trading involves higher risk due to the potential for rapid price changes. SMMT's recent price movements and the proximity to overbought levels indicate that there is a higher risk of short-term price corrections.
5. Expert Opinion: Considering the recent price surge and the current overbought conditions, it might be prudent to wait for a consolidation or a pullback before entering a day trade.

In conclusion, while SMMT has shown some positive signs, the current overbought conditions and recent volatility suggest that it may be better to hold off on day trading and consider it after a period of consolidation.