Avanos Medical Inc. Stock Forecast
Avanos Medical Inc. stock downgraded to Sell Candidate
(Updated on Apr 23, 2024)
The Avanos Medical Inc. stock price fell by -1.00% on the last day (Tuesday, 23rd Apr 2024) from $18.95 to $18.76. During the last trading day the stock fluctuated 2.35% from a day low at $18.70 to a day high of $19.14. The price has fallen in 6 of the last 10 days and is down by -5.92% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -55 thousand shares and in total, 126 thousand shares were bought and sold for approximately $2.36 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Avanos Medical Inc. stock with a 90% probability to be traded between $18.40 and $19.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AVNS Signals & Forecast
There are few to no technical positive signals at the moment. The Avanos Medical Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $18.76 and $19.34. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -1.00%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Tuesday, April 09, 2024 with a target of $19.28. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for Avanos Medical Inc. stock
Avanos Medical Inc. finds support from accumulated volume at $18.71 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.440 (2.35%) between high and low. For the last week, the stock has had daily average volatility of 2.29%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AVNS) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Avanos Medical Inc. to open at $18.87, and during the day (based on 14 day Average True Range), to move between $18.29 and $19.23, which gives a possible trading interval of +/-$0.471 (+/-2.51%) up or down from last closing price. If Avanos Medical Inc. takes out the full calculated possible swing range there will be an estimated 5.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $18.71 (0.27%) than the resistance at $19.01 (1.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Avanos Medical Inc. will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.210. We will update the financials statements for Avanos Medical Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.89% in the first trading day after earnings release.
Is Avanos Medical Inc. stock A Buy?
Avanos Medical Inc. holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.525 Sell Candidate Downgraded
Predicted Opening Price for Avanos Medical Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $18.87 ( 0.569%) | $18.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AVNS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.31 | 2.91 % | |
| R2 | 19.14 | 2.02 % | ||
| R1 | 19.03 | 1.46 % | ||
| Current price: | 18.76 | |||
| Support | S1 | 18.70 | -0.327 % | |
| S2 | 18.59 | -0.88 % | ||
| S3 | 18.43 | -1.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.54 | 4.16 % | |
| R2 | 19.50 | 3.94 % | ||
| R1 | 19.01 | 1.33 % | ||
| Current price | 18.76 | |||
| Support | S1 | 18.71 | -0.267% | |
| S2 | 18.70 | -0.320% | ||
| S3 | 18.43 | -1.76% |
FAQ
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