Enovix Corporation Stock Forecast
Strong day for Enovix Corporation stock price on Friday rising 6.55% to $10.09
(Updated on May 03, 2024)
The Enovix Corporation stock price gained 6.55% on the last trading day (Friday, 3rd May 2024), rising from $9.47 to $10.09. It has now gained 3 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 8.49% from a day low at $9.55 to a day high of $10.36. The price has risen in 6 of the last 10 days and is up by 61.18% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 12 million shares were bought and sold for approximately $119.90 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 stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $8.08, a level that may pose a second chance to hit a runner. According to fan-theory $10.78 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ENVX Signals & Forecast
Mostly positive signals in the chart today. The Enovix Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $7.30 and $7.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 72.77%. 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 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 Enovix Corporation stock
Enovix Corporation finds support from accumulated volume at $9.72 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 $0.81 between high and low, or 8.49%. For the last week, the stock has had daily average volatility of 10.11%.
The Enovix Corporation stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $9.79 (-2.98%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (ENVX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Enovix Corporation to open at $10.00, and during the day (based on 14 day Average True Range), to move between $9.38 and $10.80, which gives a possible trading interval of +/-$0.713 (+/-7.07%) up or down from last closing price. If Enovix Corporation takes out the full calculated possible swing range there will be an estimated 14.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.72 (3.67%) than the resistance at $10.73 (6.34%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Enovix Corporation stock A Buy?
Enovix Corporation holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period.
Current score: 5.750 Strong Buy Candidate Unchanged
Predicted Opening Price for Enovix Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $10.00 ( 0.89%) | $10.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENVX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.81 | 7.15 % | |
| R2 | 10.50 | 4.08 % | ||
| R1 | 10.31 | 2.18 % | ||
| Current price: | 10.09 | |||
| Support | S1 | 9.69 | -3.96 % | |
| S2 | 9.50 | -5.86 % | ||
| S3 | 9.19 | -8.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.85 | 17.44 % | |
| R2 | 11.78 | 16.75 % | ||
| R1 | 10.73 | 6.34 % | ||
| Current price | 10.09 | |||
| Support | S1 | 9.72 | -3.67% | |
| S2 | 9.47 | -6.14% | ||
| S3 | 7.93 | -21.41% |
FAQ
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