Onto Innovation Inc. Stock Forecast
On Thursday, Onto Innovation Inc. stock price gained an impressive 5.66%
(Updated on May 02, 2024)
The Onto Innovation Inc. stock price gained 5.66% on the last trading day (Thursday, 2nd May 2024), rising from $185.23 to $195.71. During the last trading day the stock fluctuated 4.97% from a day low at $186.51 to a day high of $195.77. The price has risen in 7 of the last 10 days and is up by 10.18% 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, 74 thousand more shares were traded than the day before. In total, 623 thousand shares were bought and sold for approximately $121.83 million.
The stock lies in the middle of a 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 7.16% during the next 3 months and, with a 90% probability hold a price between $183.69 and $220.09 at the end of this 3-month period.
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ONTO Signals & Forecast
The Onto Innovation 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 $186.50 and $182.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 15.54%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Onto Innovation Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $185.49 and $180.01. 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, Onto Innovation Inc. finds support just below today's level at $185.49. If this is broken, then the next support from accumulated volume will be at $180.01 and $164.76.
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 $9.27 between high and low, or 4.97%. For the last week, the stock has had daily average volatility of 4.58%.
Our recommended stop-loss: $188.23 (-3.82%) (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 (ONTO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Onto Innovation Inc. to open at $192.66, and during the day (based on 14 day Average True Range), to move between $187.90 and $203.52, which gives a possible trading interval of +/-$7.81 (+/-3.99%) up or down from last closing price. If Onto Innovation Inc. takes out the full calculated possible swing range there will be an estimated 7.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $196.61 (0.46%) than the support at $185.49 (5.22%), 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
Onto Innovation Inc. will release earnings AMC on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.10. We will update the financials statements for Onto Innovation Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.71% in the first trading day after earnings release.
Is Onto Innovation Inc. stock A Buy?
Onto Innovation Inc. holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.201 Strong Buy Candidate Upgraded
Predicted Opening Price for Onto Innovation Inc. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $192.66 ( 1.56%) | $195.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONTO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 201.93 | 3.18 % | |
| R2 | 198.39 | 1.37 % | ||
| R1 | 196.20 | 0.251 % | ||
| Current price: | 195.71 | |||
| Support | S1 | 189.12 | -3.37 % | |
| S2 | 186.94 | -4.48 % | ||
| S3 | 183.40 | -6.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 196.61 | 0.460 % | ||
| Current price | 195.71 | |||
| Support | S1 | 185.49 | -5.22% | |
| S2 | 180.01 | -8.02% | ||
| S3 | 164.76 | -15.81% |
FAQ
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