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$3.82 (2.69%)

Volume: 1.043M

Closed: Aug 05, 2022

Hollow Logo Score: 2.939

Purple Innovation Inc. Stock Forecast

BUY NASDAQ:PRPL
$3.82 (2.69%)

Volume: 1.043M

Closed: Aug 05, 2022

Score Hollow Logo 2.939
Which way will PRPL go? Request
Fri, Aug 05, 2022 Buy Candidate
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 25 - 75 ] RSI14 is 62 and the stock is currently not being overbought or oversold
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Purple Innovation Inc. stock price up 2.69% on Friday
(Updated on Aug 05, 2022)


Buy candidate since 2022-08-02 Gain 8.83% PDF

The Purple Innovation Inc. stock price gained 2.69% on the last trading day (Friday, 5th Aug 2022), rising from $3.72 to $3.82. During the last trading day the stock fluctuated 8.15% from a day low at $3.56 to a day high of $3.85. The price has risen in 6 of the last 10 days and is up by 4.09% 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, 222 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $3.98 million.

The stock lies in the middle of a very 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 -23.09% during the next 3 months and, with a 90% probability hold a price between $2.17 and $3.77 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.

Signals & Forecast

Mostly positive signals in the chart today. The Purple 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 $3.59 and $3.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, July 26, 2022, and so far it has risen 26.70%. 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.

Support, Risk & Stop-loss

On the downside, the stock finds support just below today's level from accumulated volume at $3.58 and $3.49. There is 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, Purple Innovation Inc. finds support just below today's level at $3.58. If this is broken, then the next support from accumulated volume will be at $3.49 and $3.27.

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 $0.29 between high and low, or 8.15%. For the last week, the stock has had a daily average volatility of 6.31%.

Our recommended stop-loss: $3.68 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations For The Upcoming Trading Day Of Monday 8th

For the upcoming trading day on Monday 8th we expect Purple Innovation Inc. to open at $3.74, and during day (based on 14 day Average True Range), to move between $3.52 and $4.12, which gives a possible trading interval of +/-$0.30 (+/-7.85%) up or down from last closing price. If Purple Innovation Inc. takes out the full calculated possible swing range there will be an estimated 15.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3.58 (6.28%) than the resistance at $4.10 (7.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Purple Innovation 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.

Current score: 2.939

Buy Candidate Unchanged

Predicted Opening Price for Purple Innovation Inc. of Monday, August 8, 2022

The predicted opening price is based on yesterday's movements between high, low, and the closing price.

Fair opening price August 8, 2022 Current price
$3.74 $3.82 (Overvalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 4.03 5.58 %
3.92 2.68 %
3.85 0.89 %
Current price: 3.82
Support 3.63 -4.91 %
3.56 -6.70 %
3.45 -9.60 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 4.71 23.30 %
4.43 15.97 %
4.10 7.33 %
Current price 3.82
Support 3.58 -6.28%
3.49 -8.64%
3.27 -14.40%

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About Purple Innovation Inc.

Purple Innovation Purple Innovation, Inc. designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms. The company was fou... Read more

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