e.l.f. Beauty Inc Stock Forecast
Green day on Thursday for e.l.f. Beauty Inc stock after gaining 0.752%
(Updated on Apr 18, 2024)
The e.l.f. Beauty Inc stock price gained 0.752% on the last trading day (Thursday, 18th Apr 2024), rising from $166.26 to $167.51. 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 5.81% from a day low at $162.64 to a day high of $172.09. The price has risen in 7 of the last 10 days and is up by 3.06% 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, 485 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $368.45 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $163.99 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 8.59% during the next 3 months and, with a 90% probability hold a price between $178.07 and $246.45 at the end of this 3-month period.
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ELF Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 3.80%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The e.l.f. Beauty Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $188.93. On a fall, the stock will find some support from the short-term average at $165.74. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for e.l.f. Beauty Inc stock
e.l.f. Beauty Inc finds support from accumulated volume at $164.82 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 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 $9.45 between high and low, or 5.81%. For the last week, the stock has had daily average volatility of 4.39%.
e.l.f. Beauty Inc is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $157.99 (-5.68%) (This stock has high daily movements and this gives high risk. Low RSI14 is 24 which reduces the risk some. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (ELF) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect e.l.f. Beauty Inc to open at $167.41, and during the day (based on 14 day Average True Range), to move between $159.18 and $175.84, which gives a possible trading interval of +/-$8.33 (+/-4.97%) up or down from last closing price. If e.l.f. Beauty Inc takes out the full calculated possible swing range there will be an estimated 9.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $170.15 (1.58%) than the support at $164.82 (1.61%), 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 e.l.f. Beauty Inc stock A Buy?
e.l.f. Beauty 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.
Current score: 0.034 Hold/Accumulate Unchanged
Predicted Opening Price for e.l.f. Beauty Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $167.41 ( 0.0577%) | $167.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 176.86 | 5.58 % | |
| R2 | 173.25 | 3.43 % | ||
| R1 | 171.02 | 2.10 % | ||
| Current price: | 167.51 | |||
| Support | S1 | 163.80 | -2.21 % | |
| S2 | 161.57 | -3.54 % | ||
| S3 | 157.96 | -5.70 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 201.62 | 20.36 % | |
| R2 | 173.32 | 3.47 % | ||
| R1 | 170.15 | 1.58 % | ||
| Current price | 167.51 | |||
| Support | S1 | 164.82 | -1.61% | |
| S2 | 163.77 | -2.23% | ||
| S3 | 161.38 | -3.66% |
FAQ
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