Purple Innovation Inc. Stock Forecast
Purple Innovation Inc. stock price ended at $1.56 on Wednesday, after gaining 4.70%.
(Updated on Mar 27, 2024)
The Purple Innovation Inc. stock price gained 4.70% on the last trading day (Wednesday, 27th Mar 2024), rising from $1.49 to $1.56. During the last trading day the stock fluctuated 6.00% from a day low at $1.50 to a day high of $1.59. The price has risen in 6 of the last 10 days but is still down by -6.02% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 627 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $2.17 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.47 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 80.19% during the next 3 months and, with a 90% probability hold a price between $2.66 and $4.28 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PRPL Signals & Forecast
There are mixed signals in the stock today. The Purple Innovation Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.59. On a fall, the stock will find some support from the short-term average at $1.54. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -25.00%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell 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 Purple Innovation Inc. stock
Purple Innovation Inc. finds support from accumulated volume at $1.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0900 between high and low, or 6.00%. For the last week, the stock has had daily average volatility of 7.07%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PRPL) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Purple Innovation Inc. to open at $1.55, and during the day (based on 14 day Average True Range), to move between $1.39 and $1.73, which gives a possible trading interval of +/-$0.166 (+/-10.63%) up or down from last closing price. If Purple Innovation Inc. takes out the full calculated possible swing range there will be an estimated 21.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.53 (1.92%) than the resistance at $1.66 (6.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Purple Innovation Inc. stock A Buy?
Purple Innovation Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.836 Sell Candidate Unchanged
Predicted Opening Price for Purple Innovation Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$1.55 ( 0.641%) | $1.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRPL
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.64 | 5.13 % | |
R2 | 1.61 | 2.92 % | ||
R1 | 1.58 | 1.56 % | ||
Current price: | 1.56 | |||
Support | S1 | 1.52 | -2.84 % | |
S2 | 1.49 | -4.21 % | ||
S3 | 1.46 | -6.41 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.94 | 24.36 % | |
R2 | 1.86 | 19.23 % | ||
R1 | 1.66 | 6.41 % | ||
Current price | 1.56 | |||
Support | S1 | 1.53 | -1.92% | |
S2 | 1.50 | -3.85% | ||
S3 | 1.41 | -9.62% |
PRPL Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 26, 2023 | Apr 27, 2023 | May 04, 2023 | $0.0010 | 0.0376% |
FAQ
Click here for our free guide on how to buy Purple Innovation Inc. Stock.