8x8 Inc Stock Forecast
8x8 Inc stock price took a fall of -7.14% on Tuesday
(Updated on Apr 30, 2024)
The 8x8 Inc stock price fell by -7.14% on the last day (Tuesday, 30th Apr 2024) from $2.38 to $2.21. During the last trading day the stock fluctuated 6.82% from a day low at $2.20 to a day high of $2.35. The price has been going up and down for this period, and there has been a -3.49% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -632 thousand shares and in total, 781 thousand shares were bought and sold for approximately $1.73 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.07 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -18.11% during the next 3 months and, with a 90% probability hold a price between $1.69 and $2.30 at the end of this 3-month period.
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EGHT Signals & Forecast
There are mixed signals in the stock today. The 8x8 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 $2.30 and $2.52. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.79%. 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).
Support, Risk & Stop-loss for 8x8 Inc stock
8x8 Inc finds support from accumulated volume at $2.20 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 $0.150 between high and low, or 6.82%. For the last week, the stock has had daily average volatility of 6.23%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EGHT) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect 8x8 Inc to open at $2.25, and during the day (based on 14 day Average True Range), to move between $2.07 and $2.35, which gives a possible trading interval of +/-$0.144 (+/-6.54%) up or down from last closing price. If 8x8 Inc takes out the full calculated possible swing range there will be an estimated 13.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.20 (0.45%) than the resistance at $2.61 (18.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
8x8 Inc will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0700. We will update the financials statements for 8x8 Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.66% in the first trading day after earnings release.
Is 8x8 Inc stock A Buy?
8x8 Inc 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 Hold/Accumulate to a Sell candidate.
Current score: -2.358 Sell Candidate Downgraded
Predicted Opening Price for 8x8 Inc of Wednesday, May 1, 2024
Fair opening price May 1, 2024 | Current price |
---|---|
$2.25 ( 1.96%) | $2.21 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EGHT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.40 | 8.75 % | |
R2 | 2.35 | 6.16 % | ||
R1 | 2.31 | 4.55 % | ||
Current price: | 2.21 | |||
Support | S1 | 2.20 | -0.632 % | |
S2 | 2.16 | -2.23 % | ||
S3 | 2.10 | -4.83 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.76 | 24.89 % | |
R2 | 2.72 | 23.08 % | ||
R1 | 2.61 | 18.10 % | ||
Current price | 2.21 | |||
Support | S1 | 2.20 | -0.452% | |
S2 | 2.18 | -1.36% | ||
S3 | 2.15 | -2.71% |
FAQ
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