Arista Networks Inc Stock Forecast
Arista Networks Inc stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)
The Arista Networks Inc stock price gained 3.92% on the last trading day (Thursday, 25th Apr 2024), rising from $254.77 to $264.76. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.88% from a day low at $251.42 to a day high of $268.71. The price has fallen in 7 of the last 10 days and is down by -10.73% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $928.50 million.
The stock lies in the middle of a very 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 2.57% during the next 3 months and, with a 90% probability hold a price between $252.17 and $317.26 at the end of this 3-month period.
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ANET Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 7.86%. 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. The Arista Networks Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $281.40. On a fall, the stock will find some support from the short-term average at $254.10. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Arista Networks Inc stock
Arista Networks Inc finds support from accumulated volume at $263.20 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 $17.29 between high and low, or 6.88%. For the last week, the stock has had daily average volatility of 4.40%.
Our recommended stop-loss: $253.16 (-4.38%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (ANET) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Arista Networks Inc to open at $261.63, and during the day (based on 14 day Average True Range), to move between $254.01 and $275.51, which gives a possible trading interval of +/-$10.75 (+/-4.06%) up or down from last closing price. If Arista Networks Inc takes out the full calculated possible swing range there will be an estimated 8.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $265.51 (0.28%) than the support at $263.20 (0.59%), 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 Arista Networks Inc stock A Buy?
Arista Networks 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.405 Hold/Accumulate Upgraded
Predicted Opening Price for Arista Networks Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $261.63 ( 1.18%) | $264.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ANET
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 278.92 | 5.35 % | |
| R2 | 272.32 | 2.85 % | ||
| R1 | 268.23 | 1.31 % | ||
| Current price: | 264.76 | |||
| Support | S1 | 255.03 | -3.68 % | |
| S2 | 250.94 | -5.22 % | ||
| S3 | 244.34 | -7.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 280.88 | 6.09 % | |
| R2 | 271.22 | 2.44 % | ||
| R1 | 265.51 | 0.283 % | ||
| Current price | 264.76 | |||
| Support | S1 | 263.20 | -0.589% | |
| S2 | 258.68 | -2.30% | ||
| S3 | 245.47 | -7.29% |
FAQ
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