Qorvo Stock Forecast
Red day on Wednesday for Qorvo
(Updated on May 01, 2024)
The Qorvo stock price fell by -4.24% on the last day (Wednesday, 1st May 2024) from $116.84 to $111.89. During the last trading day the stock fluctuated 3.94% from a day low at $111.81 to a day high of $116.22. The price has risen in 6 of the last 10 days and is up by 1.76% over the past 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $302.30 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Qorvo stock with a 90% probability to be traded between $105.56 and $121.36 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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QRVO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Qorvo stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $114.16 and $113.01. 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 29, 2024, and so far it has fallen -5.84%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Qorvo stock
Qorvo finds support from accumulated volume at $111.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $4.41 between high and low, or 3.94%. For the last week, the stock has had daily average volatility of 2.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (QRVO) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Qorvo to open at $113.31, and during the day (based on 14 day Average True Range), to move between $108.74 and $115.04, which gives a possible trading interval of +/-$3.15 (+/-2.82%) up or down from last closing price. If Qorvo takes out the full calculated possible swing range there will be an estimated 5.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $111.85 (0.04%) than the resistance at $112.15 (0.23%), 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
Qorvo will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.21. We will update the financials statements for Qorvo, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.00% in the first trading day after earnings release.
Is Qorvo stock A Buy?
Qorvo holds several negative signals and is within a wide and 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.
Current score: -2.278 Sell Candidate Unchanged
Predicted Opening Price for Qorvo of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $113.31 ( 1.27%) | $111.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QRVO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 117.72 | 5.21 % | |
| R2 | 116.03 | 3.70 % | ||
| R1 | 114.99 | 2.77 % | ||
| Current price: | 111.89 | |||
| Support | S1 | 111.62 | -0.239 % | |
| S2 | 110.58 | -1.17 % | ||
| S3 | 108.90 | -2.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 119.62 | 6.91 % | |
| R2 | 113.58 | 1.51 % | ||
| R1 | 112.15 | 0.232 % | ||
| Current price | 111.89 | |||
| Support | S1 | 111.85 | -0.0357% | |
| S2 | 107.33 | -4.08% | ||
| S3 | 103.59 | -7.42% |
FAQ
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