Cirrus Logic Stock Forecast
Green day on Monday for Cirrus Logic
(Updated on Apr 22, 2024)
The Cirrus Logic stock price gained 2.99% on the last trading day (Monday, 22nd Apr 2024), rising from $82.02 to $84.47. During the last trading day the stock fluctuated 3.87% from a day low at $82.03 to a day high of $85.20. The price has fallen in 7 of the last 10 days and is down by -7.88% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 215 thousand more shares were traded than the day before. In total, 467 thousand shares were bought and sold for approximately $39.41 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $82.12 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 6.54% during the next 3 months and, with a 90% probability hold a price between $87.49 and $103.60 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.
CRUS Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.99%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cirrus Logic 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 $85.19 and $89.98. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Cirrus Logic stock
On the downside, the stock finds support just below today's level from accumulated volume at $78.71 and $78.53. 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, Cirrus Logic finds support just below today's level at $78.71. If this is broken, then the next support from accumulated volume will be at $78.53 and $78.42.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.18 between high and low, or 3.87%. For the last week, the stock has had daily average volatility of 2.48%.
Our recommended stop-loss: $80.06 (-5.22%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (CRUS) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cirrus Logic to open at $83.90, and during the day (based on 14 day Average True Range), to move between $82.20 and $86.74, which gives a possible trading interval of +/-$2.27 (+/-2.69%) up or down from last closing price. If Cirrus Logic takes out the full calculated possible swing range there will be an estimated 5.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $88.83 (5.16%) than the support at $78.71 (6.82%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Cirrus Logic stock A Buy?
Cirrus Logic holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.046 Hold/Accumulate Unchanged
Predicted Opening Price for Cirrus Logic of Tuesday, April 23, 2024
Fair opening price April 23, 2024 | Current price |
---|---|
$83.90 ( 0.677%) | $84.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRUS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 87.07 | 3.08 % | |
R2 | 85.86 | 1.65 % | ||
R1 | 85.11 | 0.759 % | ||
Current price: | 84.47 | |||
Support | S1 | 82.69 | -2.11 % | |
S2 | 81.94 | -3.00 % | ||
S3 | 80.72 | -4.44 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 93.24 | 10.38 % | |
R2 | 89.86 | 6.38 % | ||
R1 | 88.83 | 5.16 % | ||
Current price | 84.47 | |||
Support | S1 | 78.71 | -6.82% | |
S2 | 78.53 | -7.03% | ||
S3 | 78.42 | -7.16% |
FAQ
Click here for our free guide on how to buy Cirrus Logic Stock.