Allegro Microsystems Inc. Stock Forecast
Strong day for Allegro Microsystems Inc. stock price on Tuesday rising 5.73% to $29.53
(Updated on Jul 02, 2024)
The Allegro Microsystems Inc. stock price gained 5.73% on the last trading day (Tuesday, 2nd Jul 2024), rising from $27.93 to $29.53. During the last trading day the stock fluctuated 5.78% from a day low at $27.97 to a day high of $29.58. The price has been going up and down for this period, and there has been a 4.68% 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, 457 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $35.52 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.28% during the next 3 months and, with a 90% probability hold a price between $29.15 and $33.49 at the end of this 3-month period.
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ALGM Signals & Forecast
The Allegro Microsystems Inc. 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 $28.20 and $29.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 8.37%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Allegro Microsystems Inc. stock
Allegro Microsystems Inc. finds support from accumulated volume at $28.77 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 $1.62 between high and low, or 5.78%. For the last week, the stock has had daily average volatility of 3.43%.
Our recommended stop-loss: $27.98 (-5.25%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (ALGM) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Allegro Microsystems Inc. to open at $29.03, and during the day (based on 14 day Average True Range), to move between $28.51 and $30.55, which gives a possible trading interval of +/-$1.02 (+/-3.44%) up or down from last closing price. If Allegro Microsystems Inc. takes out the full calculated possible swing range there will be an estimated 6.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.59 (0.20%) than the support at $28.77 (2.57%), 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 Allegro Microsystems Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Allegro Microsystems Inc. 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.
Current score: 1.607 Buy Candidate Upgraded
Predicted Opening Price for Allegro Microsystems Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $29.03 ( 1.71%) | $29.53 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALGM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 30.64 | 3.76% |
| R2 | 30.02 | 1.67% |
| R1 | 29.64 | 0.379% |
| Price | 29.53 | |
| S1 | 28.41 | -3.80% |
| S2 | 28.03 | -5.09% |
| S3 | 27.41 | -7.18% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 30.09 | 1.90% |
| R2 | 29.90 | 1.25% |
| R1 | 29.59 | 0.203% |
| Price | 29.53 | |
| S1 | 28.77 | -2.57% |
| S2 | 27.67 | -6.30% |
| S3 | 26.76 | -9.38% |
FAQ
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