PC Connection Inc stock downgraded to Hold/Accumulate
(Updated on Dec 08, 2023)
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The stock has broken the narrow and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $63.67, a level that may pose a second chance to hit a runner. According to fan-theory $66.20 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
CNXN Signals & Forecast
The PC Connection Inc 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 $62.26 and $58.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 13, 2023, and so far it has risen 12.03%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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Support, Risk & Stop-loss for PC Connection Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $59.90 and $53.58. 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, PC Connection Inc finds support just below today's level at $59.90. If this is broken, then the next support from accumulated volume will be at $53.58 and $53.43.
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 $1.54 (2.41%) between high and low. For the last week, the stock has had daily average volatility of 3.11%.
The PC Connection Inc stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the PC Connection Inc has been rising for 7 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: $62.28 (-4.50%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (CNXN) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect PC Connection Inc to open at $64.78, and during the day (based on 14 day Average True Range), to move between $63.73 and $66.69, which gives a possible trading interval of +/-$1.48 (+/-2.26%) up or down from last closing price. If PC Connection Inc takes out the full calculated possible swing range there will be an estimated 4.53% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $59.90, some $5.31 (8.14%) from the current price of $65.21, our system finds the risk reward attractive.
Is PC Connection Inc stock A Buy?
PC Connection 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Open Broker Account
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.Hold/Accumulate Downgraded
Predicted Opening Price for PC Connection Inc of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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