Bloom Energy Corporation Stock Forecast
Bloom Energy Corporation stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Bloom Energy Corporation stock price gained 2.13% on the last trading day (Wednesday, 27th Mar 2024), rising from $10.80 to $11.03. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 4.25% from a day low at $10.71 to a day high of $11.16. The price has risen in 8 of the last 10 days and is up by 9.97% over the past 2 weeks. Volume fell on the last day by -6 million shares and in total, 5 million shares were bought and sold for approximately $52.04 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.
Given the current short-term trend, the stock is expected to fall -30.30% during the next 3 months and, with a 90% probability hold a price between $4.72 and $7.69 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.
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BE Signals & Forecast
The Bloom Energy Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $10.09 and $9.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, February 23, 2024, and so far it has risen 28.55%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for Bloom Energy Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $9.88 and $9.03. 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, Bloom Energy Corporation finds support just below today's level at $9.88. If this is broken, then the next support from accumulated volume will be at $9.03 and $8.92.
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 $0.455 between high and low, or 4.25%. For the last week, the stock has had daily average volatility of 5.28%.
Since the Bloom Energy Corporation has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $10.63 (-3.65%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (BE) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Bloom Energy Corporation to open at $10.97, and during the day (based on 14 day Average True Range), to move between $10.38 and $11.68, which gives a possible trading interval of +/-$0.651 (+/-5.90%) up or down from last closing price. If Bloom Energy Corporation takes out the full calculated possible swing range there will be an estimated 11.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.90 (7.89%) than the support at $9.88 (10.43%), 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 Bloom Energy Corporation stock A Buy?
Bloom Energy Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Bloom Energy Corporation of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$10.97 ( 0.589%) | $11.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 11.42 | 3.54 % | |
R2 | 11.25 | 1.96 % | ||
R1 | 11.14 | 0.99 % | ||
Current price: | 11.03 | |||
Support | S1 | 10.79 | -2.17 % | |
S2 | 10.68 | -3.14 % | ||
S3 | 10.51 | -4.71 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.47 | 13.06 % | |
R2 | 11.97 | 8.52 % | ||
R1 | 11.90 | 7.89 % | ||
Current price | 11.03 | |||
Support | S1 | 9.88 | -10.43% | |
S2 | 9.03 | -18.13% | ||
S3 | 8.92 | -19.13% |
FAQ
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