Sprouts Farmers Market Stock Forecast
Sprouts Farmers Market stock downgraded from Strong Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 03, 2024)
The Sprouts Farmers Market stock price gained 2.33% on the last trading day (Friday, 3rd May 2024), rising from $72.00 to $73.68. During the last trading day the stock fluctuated 4.00% from a day low at $71.15 to a day high of $74.00. The price has risen in 8 of the last 10 days and is up by 13.09% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 2 million shares were bought and sold for approximately $151.62 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $72.83, a level that may pose a second chance to hit a runner. According to fan-theory $80.88 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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SFM Signals & Forecast
The Sprouts Farmers Market 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 $68.05 and $64.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 14.61%. 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 Sprouts Farmers Market stock
Sprouts Farmers Market finds support from accumulated volume at $72.00 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 $2.85 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 3.68%.
The Sprouts Farmers Market stock is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $71.57 (-2.86%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (SFM) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Sprouts Farmers Market to open at $72.94, and during the day (based on 14 day Average True Range), to move between $71.48 and $75.88, which gives a possible trading interval of +/-$2.20 (+/-2.98%) up or down from last closing price. If Sprouts Farmers Market takes out the full calculated possible swing range there will be an estimated 5.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $72.00, some $1.68 (2.28%) from the current price of $73.68, our system finds the risk reward attractive.
Earnings coming up
Sprouts Farmers Market will release earnings BMO on Monday, May 06, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.00. We will update the financials statements for Sprouts Farmers Market, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.96% in the first trading day after earnings release.
Is Sprouts Farmers Market stock A Buy?
Sprouts Farmers Market holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Sprouts Farmers Market of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $72.94 ( 1.00%) | $73.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SFM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 75.79 | 2.86 % | |
| R2 | 74.70 | 1.38 % | ||
| R1 | 74.03 | 0.473 % | ||
| Current price: | 73.68 | |||
| Support | S1 | 71.85 | -2.48 % | |
| S2 | 71.18 | -3.39 % | ||
| S3 | 70.10 | -4.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 73.68 | |||
| Support | S1 | 72.00 | -2.28% | |
| S2 | 60.34 | -18.11% | ||
| S3 | 59.63 | -19.07% |
FAQ
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