Ichor Holdings Stock Forecast
Ichor Holdings stock upgraded to Buy Candidate.
(Updated on Jul 02, 2024)
The Ichor Holdings stock price gained 0.89% on the last trading day (Tuesday, 2nd Jul 2024), rising from $39.30 to $39.65. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.06% from a day low at $39.30 to a day high of $40.11. The price has risen in 6 of the last 10 days and is up by 6.93% over the past 2 weeks. Volume fell on the last day by -53 thousand shares and in total, 175 thousand shares were bought and sold for approximately $6.92 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 has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $39.43 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $43.28 sometime during the next 3 months.
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ICHR Signals & Forecast
Mostly positive signals in the chart today. The Ichor Holdings 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 $37.97 and $37.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 9.38%. 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 Ichor Holdings stock
Ichor Holdings finds support from accumulated volume at $38.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.81 (2.06%) between high and low. For the last week, the stock has had daily average volatility of 2.70%.
Since the Ichor Holdings has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $38.16 (-3.76%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (ICHR) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Ichor Holdings to open at $39.69, and during the day (based on 14 day Average True Range), to move between $38.45 and $40.85, which gives a possible trading interval of +/-$1.20 (+/-3.02%) up or down from last closing price. If Ichor Holdings takes out the full calculated possible swing range there will be an estimated 6.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $39.81 (0.40%) than the support at $38.55 (2.77%), 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 Ichor Holdings stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Ichor Holdings stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.532 Buy Candidate Upgraded
Predicted Opening Price for Ichor Holdings of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $39.69 ( 0.0924%) | $39.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICHR
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 40.50 | 2.14% |
| R2 | 40.19 | 1.35% |
| R1 | 40.00 | 0.87% |
| Price | 39.65 | |
| S1 | 39.38 | -0.688% |
| S2 | 39.19 | -1.17% |
| S3 | 38.88 | -1.95% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 39.96 | 0.782% |
| R1 | 39.81 | 0.404% |
| Price | 39.65 | |
| S1 | 38.55 | -2.77% |
| S2 | 38.20 | -3.66% |
| S3 | 36.62 | -7.64% |
FAQ
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