Unifi Inc Stock Forecast
Weaker technical forecast for Unifi Inc as stock downgraded to Hold/Accumulate.
(Updated on May 01, 2024)
The Unifi Inc stock price fell by -2.35% on the last day (Wednesday, 1st May 2024) from $5.97 to $5.83. During the last trading day the stock fluctuated 4.84% from a day low at $5.78 to a day high of $6.06. The price has been going up and down for this period, and there has been a 3.55% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -36 thousand shares and in total, 57 thousand shares were bought and sold for approximately $333.98 thousand.
The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.55% during the next 3 months and, with a 90% probability hold a price between $5.30 and $5.75 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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UFI Signals & Forecast
The Unifi 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 $5.83 and $5.76. A breakdown below any of these levels will issue sell signals. 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 Tuesday, April 30, 2024, and so far it has fallen -2.35%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
A sell signal from a double top formation was found on Tuesday, April 30, 2024 and based on theory for this formation the price should fall by -6.64% to $5.44 within 22 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for Unifi Inc stock
Unifi Inc finds support from accumulated volume at $5.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.280 between high and low, or 4.84%. For the last week the stock has had daily average volatility of 3.59%
Our recommended stop-loss: $5.55 (-4.87%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (UFI) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Unifi Inc to open at $5.89, and during the day (based on 14 day Average True Range), to move between $5.66 and $6.00, which gives a possible trading interval of +/-$0.166 (+/-2.85%) up or down from last closing price. If Unifi Inc takes out the full calculated possible swing range there will be an estimated 5.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.84 (0.17%) than the support at $5.82 (0.17%), 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 Unifi Inc stock A Buy?
Unifi Inc 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 Buy to a Hold/Accumulate candidate.
Current score: -0.770 Hold/Accumulate Downgraded
Predicted Opening Price for Unifi Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $5.89 ( 1.03%) | $5.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UFI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.17 | 5.83 % | |
| R2 | 6.06 | 4.00 % | ||
| R1 | 6.00 | 2.86 % | ||
| Current price: | 5.83 | |||
| Support | S1 | 5.78 | -0.81 % | |
| S2 | 5.72 | -1.94 % | ||
| S3 | 5.61 | -3.77 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.11 | 4.80 % | |
| R2 | 5.99 | 2.74 % | ||
| R1 | 5.84 | 0.172 % | ||
| Current price | 5.83 | |||
| Support | S1 | 5.82 | -0.172% | |
| S2 | 5.80 | -0.515% | ||
| S3 | 5.79 | -0.686% |
UFI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 1998 | Apr 29, 1998 | May 08, 1998 | $0.420 | 0.367% |
| 2 | Jan 12, 1998 | Jan 28, 1998 | Feb 06, 1998 | $0.420 | 0.351% |
| 3 | Oct 24, 1997 | Nov 05, 1997 | Nov 14, 1997 | $0.420 | 0.375% |
| 4 | Jul 17, 1997 | Jul 30, 1997 | Aug 08, 1997 | $0.420 | 0.375% |
| 5 | Apr 17, 1997 | Apr 30, 1997 | May 09, 1997 | $0.330 | 0.352% |
FAQ
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