Avnet Inc Stock Forecast
Avnet Inc stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Avnet Inc stock price gained 0.197% on the last trading day (Tuesday, 2nd Jul 2024), rising from $50.72 to $50.82. During the last trading day the stock fluctuated 0.85% from a day low at $50.54 to a day high of $50.97. The price has been going up and down for this period, and there has been a -3.51% loss for the last 2 weeks. Volume fell on the last day by -901 shares and in total, 462 thousand shares were bought and sold for approximately $23.47 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a 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 $50.82 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 11.97% during the next 3 months and, with a 90% probability hold a price between $56.90 and $64.30 at the end of this 3-month period.
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AVT Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Avnet 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 $51.43 and $53.20. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -7.52%. 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). The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Avnet Inc stock
Avnet Inc finds support from accumulated volume at $49.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.430 (0.85%) between high and low. For the last week, the stock has had daily average volatility of 1.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AVT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Avnet Inc to open at $50.78, and during the day (based on 14 day Average True Range), to move between $49.85 and $51.79, which gives a possible trading interval of +/-$0.97 (+/-1.91%) up or down from last closing price. If Avnet Inc takes out the full calculated possible swing range there will be an estimated 3.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $51.49 (1.32%) than the support at $49.24 (3.11%), 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 Avnet Inc stock A Buy?
The Avnet Inc stock holds several negative signals and despite the positive trend, we believe Avnet Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.002 Sell Candidate Downgraded
Predicted Opening Price for Avnet Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $50.78 ( 0.0853%) | $50.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AVT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 51.21 | 0.761% |
| R2 | 51.04 | 0.438% |
| R1 | 50.94 | 0.238% |
| Price | 50.82 | |
| S1 | 50.61 | -0.408% |
| S2 | 50.51 | -0.608% |
| S3 | 50.35 | -0.93% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 53.77 | 5.80% |
| R2 | 51.75 | 1.83% |
| R1 | 51.49 | 1.32% |
| Price | 50.82 | |
| S1 | 49.24 | -3.11% |
| S2 | 48.87 | -3.84% |
| S3 | 48.07 | -5.41% |
AVT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 05, 2024 | Jun 05, 2024 | Jun 19, 2024 | $0.310 | 0.587% |
| 2 | Feb 15, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.310 | 0.660% |
| 3 | Nov 15, 2023 | Dec 05, 2023 | Dec 20, 2023 | $0.310 | 0.629% |
| 4 | Aug 29, 2023 | Sep 12, 2023 | Sep 27, 2023 | $0.310 | 0.651% |
| 5 | May 22, 2023 | Jun 06, 2023 | Jun 21, 2023 | $0.290 | 0.609% |
FAQ
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