Lumentum Holdings Inc. Stock Forecast
Lumentum Holdings Inc. stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The Lumentum Holdings Inc. stock price gained 1.02% on the last trading day (Friday, 3rd May 2024), rising from $44.29 to $44.74. During the last trading day the stock fluctuated 4.17% from a day low at $44.35 to a day high of $46.20. The price has risen in 7 of the last 10 days and is up by 7.19% 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, 1 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $79.74 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -16.40% during the next 3 months and, with a 90% probability hold a price between $33.38 and $41.29 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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LITE Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 8.22%. 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 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 Lumentum Holdings 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 $45.41. On a fall, the stock will find some support from the short-term average at $43.61. 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.
Support, Risk & Stop-loss for Lumentum Holdings Inc. stock
Lumentum Holdings Inc. finds support from accumulated volume at $43.52 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 $1.85 between high and low, or 4.17%. For the last week, the stock has had daily average volatility of 3.69%.
Our recommended stop-loss: $43.03 (-3.83%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (LITE) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Lumentum Holdings Inc. to open at $45.10, and during the day (based on 14 day Average True Range), to move between $43.13 and $46.35, which gives a possible trading interval of +/-$1.61 (+/-3.59%) up or down from last closing price. If Lumentum Holdings Inc. takes out the full calculated possible swing range there will be an estimated 7.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $45.59 (1.89%) than the support at $43.52 (2.73%), 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.
Earnings coming up
Lumentum Holdings Inc. will release earnings AMC on Monday, May 06, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.260. We will update the financials statements for Lumentum Holdings Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.71% in the first trading day after earnings release.
Is Lumentum Holdings Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.371 Buy Candidate Upgraded
Predicted Opening Price for Lumentum Holdings Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $45.10 ( 0.797%) | $44.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LITE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.95 | 4.93 % | |
| R2 | 46.24 | 3.35 % | ||
| R1 | 45.80 | 2.38 % | ||
| Current price: | 44.74 | |||
| Support | S1 | 44.39 | -0.782 % | |
| S2 | 43.95 | -1.76 % | ||
| S3 | 43.25 | -3.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.49 | 12.85 % | |
| R2 | 50.21 | 12.22 % | ||
| R1 | 45.59 | 1.89 % | ||
| Current price | 44.74 | |||
| Support | S1 | 43.52 | -2.73% | |
| S2 | 43.31 | -3.20% | ||
| S3 | 42.01 | -6.10% |
FAQ
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