Benchmark Electronics Inc Stock Forecast

Stronger technical forecast for Benchmark Electronics Inc stock price after Wednesday trading.
(Updated on May 08, 2024)

BHE Signals & Forecast

Mostly positive signals in the chart today. The Benchmark Electronics Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $35.71 and $31.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 40.00%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Benchmark Electronics Inc stock

Benchmark Electronics Inc finds support from accumulated volume at $38.07 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.07 between high and low, or 2.75%. For the last week, the stock has had daily average volatility of 4.55%.

The Benchmark Electronics Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs. Since the Benchmark Electronics Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $38.93 (-2.76%) (This stock has high daily movements and this gives high risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 34 days ago.)

Trading Expectations (BHE) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Benchmark Electronics Inc to open at $39.68, and during the day (based on 14 day Average True Range), to move between $38.79 and $41.29, which gives a possible trading interval of +/-$1.25 (+/-3.12%) up or down from last closing price. If Benchmark Electronics Inc takes out the full calculated possible swing range there will be an estimated 6.24% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $38.07, some $1.97 (4.92%) from the current price of $40.04, our system finds the risk reward attractive.

Is Benchmark Electronics Inc stock A Buy?

Benchmark Electronics Inc holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 5.531 Strong Buy Candidate Upgraded

Predicted Opening Price for Benchmark Electronics Inc of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.