Harmonic Inc. Stock Forecast
Stronger technical forecast for Harmonic Inc. stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Harmonic Inc. stock price gained 0.337% on the last trading day (Tuesday, 2nd Jul 2024), rising from $11.87 to $11.91. 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 1.36% from a day low at $11.76 to a day high of $11.92. The price has risen in 7 of the last 10 days and is up by 4.02% over the past 2 weeks. Volume fell on the last day by -64 thousand shares and in total, 636 thousand shares were bought and sold for approximately $7.57 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 stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.64% during the next 3 months and, with a 90% probability hold a price between $10.62 and $13.56 at the end of this 3-month period.
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HLIT Signals & Forecast
The Harmonic Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $11.71 and $11.62. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 03, 2024, and so far it has fallen -3.25%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Harmonic Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $11.22 and $10.74. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Harmonic Inc. finds support just below today's level at $11.22. If this is broken, then the next support from accumulated volume will be at $10.74 and $9.20.
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 $0.160 between high and low, or 1.36%. For the last week, the stock has had daily average volatility of 1.53%.
Our recommended stop-loss: $11.34 (-4.81%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 46 days ago.)
Trading Expectations (HLIT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Harmonic Inc. to open at $11.86, and during the day (based on 14 day Average True Range), to move between $11.63 and $12.19, which gives a possible trading interval of +/-$0.283 (+/-2.38%) up or down from last closing price. If Harmonic Inc. takes out the full calculated possible swing range there will be an estimated 4.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.23 (2.69%) than the support at $11.22 (5.79%), 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 Harmonic Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Harmonic Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.999 Buy Candidate Upgraded
Predicted Opening Price for Harmonic Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $11.86 ( 0.392%) | $11.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HLIT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 12.02 | 0.95% |
| R2 | 11.96 | 0.438% |
| R1 | 11.92 | 0.121% |
| Price | 11.91 | |
| S1 | 11.80 | -0.91% |
| S2 | 11.76 | -1.22% |
| S3 | 11.70 | -1.74% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 13.30 | 11.67% |
| R2 | 13.04 | 9.49% |
| R1 | 12.23 | 2.69% |
| Price | 11.91 | |
| S1 | 11.22 | -5.79% |
| S2 | 10.74 | -9.82% |
| S3 | 9.20 | -22.75% |
FAQ
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