Confluent, Inc. Stock Forecast
Confluent, Inc. stock upgraded to Hold/Accumulate.
(Updated on Apr 18, 2024)
The Confluent, Inc. stock price fell by -0.90% on the last day (Thursday, 18th Apr 2024) from $27.66 to $27.41. During the last trading day the stock fluctuated 2.78% from a day low at $27.33 to a day high of $28.09. The price has fallen in 6 of the last 10 days and is down by -6.35% for this period. 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 -206 thousand shares and in total, 2 million shares were bought and sold for approximately $56.44 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $27.15 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 17.25% during the next 3 months and, with a 90% probability hold a price between $31.83 and $43.81 at the end of this 3-month period.
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CFLT Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Confluent, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $28.57 and $30.84. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -20.62%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Confluent, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $24.29 and $24.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Confluent, Inc. finds support just below today's level at $24.29. If this is broken, then the next support from accumulated volume will be at $24.13 and $22.40.
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 $0.760 between high and low, or 2.78%. For the last week, the stock has had daily average volatility of 4.07%.
Confluent, Inc. is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $25.62 (-6.52%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 24 which reduces the risk some. There is a sell signal from a pivot top found 32 days ago.)
Trading Expectations (CFLT) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Confluent, Inc. to open at $27.61, and during the day (based on 14 day Average True Range), to move between $26.30 and $28.52, which gives a possible trading interval of +/-$1.11 (+/-4.04%) up or down from last closing price. If Confluent, Inc. takes out the full calculated possible swing range there will be an estimated 8.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $24.29 (11.38%) than the resistance at $31.52 (14.99%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Confluent, Inc. stock A Buy?
Confluent, Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.792 Hold/Accumulate Upgraded
Predicted Opening Price for Confluent, Inc. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $27.61 ( 0.730%) | $27.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CFLT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.37 | 3.50 % | |
| R2 | 28.08 | 2.44 % | ||
| R1 | 27.90 | 1.79 % | ||
| Current price: | 27.41 | |||
| Support | S1 | 27.32 | -0.330 % | |
| S2 | 27.14 | -0.98 % | ||
| S3 | 26.85 | -2.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.57 | 18.83 % | |
| R2 | 31.72 | 15.72 % | ||
| R1 | 31.52 | 14.99 % | ||
| Current price | 27.41 | |||
| Support | S1 | 24.29 | -11.38% | |
| S2 | 24.13 | -11.97% | ||
| S3 | 22.40 | -18.28% |
FAQ
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