Sanmina Corporation Stock Forecast
Sanmina Corporation stock upgraded to Hold/Accumulate.
(Updated on May 01, 2024)
The Sanmina Corporation stock price gained 0.412% on the last trading day (Wednesday, 1st May 2024), rising from $60.67 to $60.92. During the last trading day the stock fluctuated 4.09% from a day low at $59.41 to a day high of $61.84. The price has risen in 7 of the last 10 days and is up by 4.4% over the past 2 weeks. Volume fell on the last day by -757 thousand shares and in total, 496 thousand shares were bought and sold for approximately $30.22 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 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 Sanmina Corporation stock with a 90% probability to be traded between $56.88 and $64.35 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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SANM Signals & Forecast
The Sanmina Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $61.98. On a fall, the stock will find some support from the long-term average at approximately $60.37. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -4.81%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Sanmina Corporation stock
Sanmina Corporation finds support from accumulated volume at $60.67 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 $2.43 between high and low, or 4.09%. For the last week, the stock has had daily average volatility of 4.67%.
Our recommended stop-loss: $57.82 (-5.09%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (SANM) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Sanmina Corporation to open at $60.72, and during the day (based on 14 day Average True Range), to move between $58.99 and $62.85, which gives a possible trading interval of +/-$1.93 (+/-3.17%) up or down from last closing price. If Sanmina Corporation takes out the full calculated possible swing range there will be an estimated 6.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.14 (0.36%) than the support at $60.67 (0.41%), 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 Sanmina Corporation stock A Buy?
Sanmina Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.692 Hold/Accumulate Upgraded
Predicted Opening Price for Sanmina Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $60.72 ( 0.323%) | $60.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SANM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 63.15 | 3.67 % | |
| R2 | 62.23 | 2.14 % | ||
| R1 | 61.65 | 1.20 % | ||
| Current price: | 60.92 | |||
| Support | S1 | 59.80 | -1.85 % | |
| S2 | 59.22 | -2.79 % | ||
| S3 | 58.29 | -4.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.00 | 5.06 % | |
| R2 | 61.25 | 0.542 % | ||
| R1 | 61.14 | 0.361 % | ||
| Current price | 60.92 | |||
| Support | S1 | 60.67 | -0.410% | |
| S2 | 59.61 | -2.15% | ||
| S3 | 58.82 | -3.45% |
FAQ
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