Endava Plc Stock Forecast
Endava Plc stock downgraded from Sell Candidate to Strong Sell Candidate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Endava Plc stock price gained 0.212% on the last trading day (Wednesday, 27th Mar 2024), rising from $37.75 to $37.83. During the last trading day the stock fluctuated 1.92% from a day low at $37.54 to a day high of $38.26. The price has fallen in 6 of the last 10 days but is still up by 1.18% 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, 91 thousand more shares were traded than the day before. In total, 406 thousand shares were bought and sold for approximately $15.38 million.
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 -51.81% during the next 3 months and, with a 90% probability hold a price between $11.29 and $22.88 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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DAVA Signals & Forecast
There are mixed signals in the stock today. The Endava Plc 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 $38.14 and $50.16. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, March 06, 2024, and so far it has risen 5.17%. 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 Endava Plc stock
Endava Plc finds support from accumulated volume at $37.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.720 between high and low, or 1.92%. For the last week, the stock has had daily average volatility of 4.26%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DAVA) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Endava Plc to open at $37.88, and during the day (based on 14 day Average True Range), to move between $35.60 and $40.06, which gives a possible trading interval of +/-$2.23 (+/-5.90%) up or down from last closing price. If Endava Plc 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 $37.98 (0.40%) than the support at $37.50 (0.87%), 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 Endava Plc stock A Buy?
Endava Plc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.212 Strong Sell Candidate Downgraded
Predicted Opening Price for Endava Plc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$37.88 ( 0.123%) | $37.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DAVA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 38.60 | 2.03 % | |
R2 | 38.32 | 1.30 % | ||
R1 | 38.15 | 0.85 % | ||
Current price: | 37.83 | |||
Support | S1 | 37.60 | -0.604 % | |
S2 | 37.43 | -1.05 % | ||
S3 | 37.16 | -1.78 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.10 | 3.36 % | |
R2 | 38.92 | 2.88 % | ||
R1 | 37.98 | 0.397 % | ||
Current price | 37.83 | |||
Support | S1 | 37.50 | -0.87% | |
S2 | 37.17 | -1.74% | ||
S3 | 36.80 | -2.72% |
FAQ
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