Volatile ride for Super Micro Computer stock price on Thursday moving between $784.00 and $883.17

StockInvest.us, 1 month ago

Super Micro Computer

The Super Micro Computer stock price gained 12.44% on the last trading day (Thursday, 13th Jun 2024), rising from $774.74 to $871.10. During the last trading day the stock fluctuated 12.65% from a day low at $784.00 to a day high of $883.17. The price has been going up and down for this period, and there has been a 5.21% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 11 million shares were bought and sold for approximately $10.00 billion.

On May 01, 2024, it was reported that Bank of America Securities gave SMCI a "Buy" grade with a "hold" action.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $880.34 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -20.49% during the next 3 months and, with a 90% probability hold a price between $458.64 and $699.97 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.

Super Micro Computer

The Super Micro Computer stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $792.84 and $826.40. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Wednesday, May 15, 2024, and so far it has fallen -8.53%. 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).

Super Micro Computer finds support from accumulated volume at $847.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $99.17 between high and low, or 12.65%. For the last week, the stock has had daily average volatility of 6.01%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Check full Super Micro Computer forecast and analysis here.