Sunnova Energy International Inc Stock Forecast
Volatile ride for Sunnova Energy International Inc stock price on Friday moving between $4.68 and $5.25
(Updated on May 03, 2024)
The Sunnova Energy International Inc stock price gained 8.37% on the last trading day (Friday, 3rd May 2024), rising from $4.42 to $4.79. During the last trading day the stock fluctuated 12.18% from a day low at $4.68 to a day high of $5.25. The price has risen in 7 of the last 10 days and is up by 26.05% over the past 2 weeks. Volume fell on the last day by -4 million shares and in total, 15 million shares were bought and sold for approximately $72.13 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 the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $5.43 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -57.36% during the next 3 months and, with a 90% probability hold a price between $0.0318 and $2.32 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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NOVA Signals & Forecast
Mostly positive signals in the chart today. The Sunnova Energy International Inc 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 $4.14 and $4.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 35.69%. 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 Sunnova Energy International Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.42 and $4.21. 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, Sunnova Energy International Inc finds support just below today's level at $4.42. If this is broken, then the next support from accumulated volume will be at $4.21 and $4.20.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.570 between high and low, or 12.18%. For the last week, the stock has had daily average volatility of 15.45%.
Our recommended stop-loss: $4.63 (-3.30%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (NOVA) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Sunnova Energy International Inc to open at $4.91, and during the day (based on 14 day Average True Range), to move between $4.20 and $5.38, which gives a possible trading interval of +/-$0.590 (+/-12.32%) up or down from last closing price. If Sunnova Energy International Inc takes out the full calculated possible swing range there will be an estimated 24.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.10 (6.47%) than the support at $4.42 (7.72%), 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 Sunnova Energy International 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 Sell to a Buy candidate.
Current score: 2.698 Buy Candidate Upgraded
Predicted Opening Price for Sunnova Energy International Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $4.91 ( 2.44%) | $4.79 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NOVA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.48 | 14.34 % | |
| R2 | 5.26 | 9.79 % | ||
| R1 | 5.12 | 6.98 % | ||
| Current price: | 4.79 | |||
| Support | S1 | 4.69 | -2.11 % | |
| S2 | 4.55 | -4.92 % | ||
| S3 | 4.34 | -9.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.79 | 20.88 % | |
| R2 | 5.68 | 18.58 % | ||
| R1 | 5.10 | 6.47 % | ||
| Current price | 4.79 | |||
| Support | S1 | 4.42 | -7.72% | |
| S2 | 4.21 | -12.11% | ||
| S3 | 4.20 | -12.32% |
FAQ
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