Confluent, Inc. Stock Forecast
Stronger technical forecast for Confluent, Inc. stock price after Wednesday trading.
(Updated on May 01, 2024)
The Confluent, Inc. stock price gained 0.320% on the last trading day (Wednesday, 1st May 2024), rising from $28.12 to $28.21. During the last trading day the stock fluctuated 4.87% from a day low at $27.94 to a day high of $29.30. The price has risen in 6 of the last 10 days and is up by 1.99% over the past 2 weeks. Volume fell on the last day by -592 thousand shares and in total, 2 million shares were bought and sold for approximately $64.86 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 middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.13% during the next 3 months and, with a 90% probability hold a price between $19.01 and $29.94 at the end of this 3-month period.
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CFLT Signals & Forecast
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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Confluent, 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 $28.75 and $29.61. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -18.30%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Confluent, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $24.29 and $24.13. 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, Confluent, Inc. finds support just below today's level at $24.29. If this is broken, then the next support from accumulated volume will be at $24.13 and $23.48.
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 $1.36 between high and low, or 4.87%. For the last week, the stock has had daily average volatility of 4.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CFLT) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Confluent, Inc. to open at $28.48, and during the day (based on 14 day Average True Range), to move between $27.04 and $29.38, which gives a possible trading interval of +/-$1.17 (+/-4.14%) up or down from last closing price. If Confluent, Inc. takes out the full calculated possible swing range there will be an estimated 8.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $31.52 (11.73%) than the support at $24.29 (13.90%), 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.
Earnings coming up
Confluent, Inc. will release earnings AMC on Tuesday, May 07, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0200. We will update the financials statements for Confluent, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.07% in the first trading day after earnings release.
Is Confluent, Inc. stock A Buy?
Confluent, Inc. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.664 Sell Candidate Upgraded
Predicted Opening Price for Confluent, Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $28.48 ( 0.97%) | $28.21 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CFLT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.84 | 5.79 % | |
| R2 | 29.32 | 3.95 % | ||
| R1 | 29.00 | 2.81 % | ||
| Current price: | 28.21 | |||
| Support | S1 | 27.96 | -0.87 % | |
| S2 | 27.64 | -2.01 % | ||
| S3 | 27.12 | -3.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.57 | 15.46 % | |
| R2 | 31.72 | 12.44 % | ||
| R1 | 31.52 | 11.73 % | ||
| Current price | 28.21 | |||
| Support | S1 | 24.29 | -13.90% | |
| S2 | 24.13 | -14.46% | ||
| S3 | 23.48 | -16.77% |
FAQ
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