Evolent Health Inc Stock Forecast
Stronger technical forecast for Evolent Health Inc stock price after Tuesday trading.
(Updated on Apr 30, 2024)
The Evolent Health Inc stock price fell by -0.252% on the last day (Tuesday, 30th Apr 2024) from $27.81 to $27.74. During the last trading day the stock fluctuated 2.72% from a day low at $27.35 to a day high of $28.09. The price has fallen in 7 of the last 10 days and is down by -8.02% for this period. Volume has increased on the last day by 44 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 656 thousand shares were bought and sold for approximately $18.19 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $27.58 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.69% during the next 3 months and, with a 90% probability hold a price between $26.01 and $31.52 at the end of this 3-month period.
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EVH Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 0.325%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Evolent Health 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 $28.68 and $30.89. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Evolent Health Inc stock
Evolent Health Inc finds support from accumulated volume at $27.65 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 $0.745 between high and low, or 2.72%. For the last week, the stock has had daily average volatility of 3.15%.
Evolent Health Inc is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $26.23 (-5.44%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 22 which reduces the risk some. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (EVH) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Evolent Health Inc to open at $27.73, and during the day (based on 14 day Average True Range), to move between $26.84 and $28.64, which gives a possible trading interval of +/-$0.90 (+/-3.26%) up or down from last closing price. If Evolent Health Inc takes out the full calculated possible swing range there will be an estimated 6.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $27.65 (0.32%) than the resistance at $29.77 (7.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Evolent Health Inc stock A Buy?
Evolent Health Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.051 Hold/Accumulate Upgraded
Predicted Opening Price for Evolent Health Inc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $27.73 ( 0.0541%) | $27.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EVH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.47 | 2.63 % | |
| R2 | 28.19 | 1.61 % | ||
| R1 | 28.01 | 0.97 % | ||
| Current price: | 27.74 | |||
| Support | S1 | 27.44 | -1.08 % | |
| S2 | 27.26 | -1.71 % | ||
| S3 | 26.98 | -2.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.07 | 22.82 % | |
| R2 | 30.13 | 8.62 % | ||
| R1 | 29.77 | 7.32 % | ||
| Current price | 27.74 | |||
| Support | S1 | 27.65 | -0.324% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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