Credo Technology Group Holding Ltd Stock Forecast
Credo Technology Group Holding Ltd stock price up 0.416% on Tuesday
(Updated on Jul 02, 2024)
The Credo Technology Group Holding Ltd stock price gained 0.416% on the last trading day (Tuesday, 2nd Jul 2024), rising from $31.22 to $31.35. During the last trading day the stock fluctuated 3.71% from a day low at $30.76 to a day high of $31.90. The price has risen in 6 of the last 10 days and is up by 9.69% over the past 2 weeks. Volume fell on the last day by -17 thousand shares and in total, 2 million shares were bought and sold for approximately $53.67 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 upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $32.35 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 63.99% during the next 3 months and, with a 90% probability hold a price between $44.44 and $53.05 at the end of this 3-month period.
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CRDO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, June 28, 2024, and so far it has fallen -1.85%. 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 Credo Technology Group Holding Ltd 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 $30.34 and $25.18. A breakdown below any of these levels will issue sell signals. 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 Credo Technology Group Holding Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $28.57 and $26.07. 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, Credo Technology Group Holding Ltd finds support just below today's level at $28.57. If this is broken, then the next support from accumulated volume will be at $26.07 and $25.69.
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 $1.14 between high and low, or 3.71%. For the last week, the stock has had daily average volatility of 4.18%.
Our recommended stop-loss: $30.01 (-4.29%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (CRDO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Credo Technology Group Holding Ltd to open at $31.34, and during the day (based on 14 day Average True Range), to move between $29.94 and $32.76, which gives a possible trading interval of +/-$1.41 (+/-4.49%) up or down from last closing price. If Credo Technology Group Holding Ltd takes out the full calculated possible swing range there will be an estimated 8.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $31.94 (1.88%) than the support at $28.57 (8.87%), 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 Credo Technology Group Holding Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Credo Technology Group Holding Ltd stock to perform well in the short-term.
Current score: 2.311 Buy Candidate Unchanged
Predicted Opening Price for Credo Technology Group Holding Ltd of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $31.34 ( 0.0425%) | $31.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRDO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 32.48 | 3.59% |
| R2 | 32.04 | 2.20% |
| R1 | 31.77 | 1.35% |
| Price | 31.35 | |
| S1 | 30.90 | -1.43% |
| S2 | 30.63 | -2.29% |
| S3 | 30.20 | -3.68% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 31.94 | 1.88% |
| Price | 31.35 | |
| S1 | 28.57 | -8.87% |
| S2 | 26.07 | -16.84% |
| S3 | 25.69 | -18.05% |
FAQ
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