Ooma Inc Stock Forecast
Red day on Tuesday for Ooma Inc
(Updated on Apr 30, 2024)
The Ooma Inc stock price fell by -1.26% on the last day (Tuesday, 30th Apr 2024) from $7.15 to $7.06. During the last trading day the stock fluctuated 3.86% from a day low at $7.00 to a day high of $7.27. The price has risen in 6 of the last 10 days. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -95 thousand shares and in total, 89 thousand shares were bought and sold for approximately $629.54 thousand.
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 -35.63% during the next 3 months and, with a 90% probability hold a price between $4.15 and $4.78 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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OOMA Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 5.22%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ooma 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 $7.87. On a fall, the stock will find some support from the short-term average at $6.93. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Ooma Inc stock
Ooma Inc finds support from accumulated volume at $6.83 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.270 between high and low, or 3.86%. For the last week the stock has had daily average volatility of 4.57%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OOMA) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Ooma Inc to open at $7.11, and during the day (based on 14 day Average True Range), to move between $6.74 and $7.38, which gives a possible trading interval of +/-$0.325 (+/-4.60%) up or down from last closing price. If Ooma Inc takes out the full calculated possible swing range there will be an estimated 9.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.83 (3.26%) than the resistance at $8.50 (20.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ooma Inc stock A Buy?
Ooma Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.119 Sell Candidate Unchanged
Predicted Opening Price for Ooma Inc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $7.11 ( 0.708%) | $7.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OOMA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.38 | 4.53 % | |
| R2 | 7.28 | 3.07 % | ||
| R1 | 7.21 | 2.17 % | ||
| Current price: | 7.06 | |||
| Support | S1 | 7.01 | -0.753 % | |
| S2 | 6.94 | -1.66 % | ||
| S3 | 6.84 | -3.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.65 | 22.52 % | |
| R2 | 8.53 | 20.82 % | ||
| R1 | 8.50 | 20.40 % | ||
| Current price | 7.06 | |||
| Support | S1 | 6.83 | -3.26% | |
| S2 | 6.80 | -3.68% | ||
| S3 | 6.71 | -4.96% |
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