CommVault Systems Stock Forecast
Stronger technical forecast for CommVault Systems stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The CommVault Systems stock price gained 3.35% on the last trading day (Tuesday, 2nd Jul 2024), rising from $121.68 to $125.76. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.49% from a day low at $121.86 to a day high of $126.11. The price has risen in 7 of the last 10 days and is up by 6.31% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 154 thousand more shares were traded than the day before. In total, 382 thousand shares were bought and sold for approximately $48.03 million.
The stock lies in the upper part of a 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 $126.43 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 27.47% during the next 3 months and, with a 90% probability hold a price between $148.57 and $161.16 at the end of this 3-month period.
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CVLT Signals & Forecast
Mostly positive signals in the chart today. The CommVault Systems 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 $121.13 and $114.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 16.89%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for CommVault Systems stock
CommVault Systems finds support from accumulated volume at $119.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $4.25 between high and low, or 3.49%. For the last week, the stock has had daily average volatility of 2.25%.
The CommVault Systems stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $121.43 (-3.44%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (CVLT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect CommVault Systems to open at $124.58, and during the day (based on 14 day Average True Range), to move between $123.08 and $128.44, which gives a possible trading interval of +/-$2.68 (+/-2.13%) up or down from last closing price. If CommVault Systems takes out the full calculated possible swing range there will be an estimated 4.26% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $119.67, some $6.09 (4.84%) from the current price of $125.76, our system finds the risk reward attractive.
Is CommVault Systems stock A Buy?
CommVault Systems holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.029 Strong Buy Candidate Upgraded
Predicted Opening Price for CommVault Systems of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $124.58 ( 0.94%) | $125.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVLT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 128.83 | 2.44% |
| R2 | 127.20 | 1.15% |
| R1 | 126.20 | 0.350% |
| Price | 125.76 | |
| S1 | 122.95 | -2.23% |
| S2 | 121.95 | -3.03% |
| S3 | 120.33 | -4.32% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 125.76 | |
| S1 | 119.67 | -4.84% |
| S2 | 115.67 | -8.02% |
| S3 | 102.47 | -18.52% |
FAQ
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