CommVault Systems Stock Forecast
Green day on Friday for CommVault Systems
(Updated on May 03, 2024)
The CommVault Systems stock price gained 2.55% on the last trading day (Friday, 3rd May 2024), rising from $104.76 to $107.43. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 4.03% from a day low at $105.01 to a day high of $109.25. The price has risen in 9 of the last 10 days and is up by 13.24% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 184 thousand more shares were traded than the day before. In total, 501 thousand shares were bought and sold for approximately $53.86 million.
The stock has broken the weak 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 $104.01, a level that may pose a second chance to hit a runner. According to fan-theory $112.73 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CVLT Signals & Forecast
The CommVault Systems 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 $101.74 and $98.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 14.11%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for CommVault Systems stock
CommVault Systems finds support from accumulated volume at $102.47 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 $4.24 between high and low, or 4.03%. For the last week, the stock has had daily average volatility of 3.69%.
The CommVault Systems stock is extremely overbought on RSI14 (89). 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. Since the CommVault Systems has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $103.97 (-3.22%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (CVLT) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect CommVault Systems to open at $107.23, and during the day (based on 14 day Average True Range), to move between $104.83 and $110.03, which gives a possible trading interval of +/-$2.60 (+/-2.42%) up or down from last closing price. If CommVault Systems takes out the full calculated possible swing range there will be an estimated 4.84% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $102.47, some $4.96 (4.62%) from the current price of $107.43, our system finds the risk reward attractive.
Is CommVault Systems stock A Buy?
CommVault Systems 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.
Current score: 0.000 Hold/Accumulate Unchanged
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 CommVault Systems of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $107.23 ( 0.188%) | $107.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVLT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.46 | 3.75 % | |
| R2 | 109.85 | 2.25 % | ||
| R1 | 108.85 | 1.32 % | ||
| Current price: | 107.43 | |||
| Support | S1 | 105.61 | -1.69 % | |
| S2 | 104.61 | -2.62 % | ||
| S3 | 102.99 | -4.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 107.43 | |||
| Support | S1 | 102.47 | -4.62% | |
| S2 | 97.92 | -8.85% | ||
| S3 | 97.91 | -8.86% |
FAQ
Click here for our free guide on how to buy CommVault Systems Stock.
