Pure Storage, Inc Stock Forecast
Pure Storage, Inc stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 03, 2024)
The Pure Storage, Inc stock price gained 1.57% on the last trading day (Friday, 3rd May 2024), rising from $51.43 to $52.24. During the last trading day the stock fluctuated 2.66% from a day low at $51.49 to a day high of $52.86. The price has risen in 6 of the last 10 days and is up by 5.62% 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, 171 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $96.15 million.
The stock lies in the middle of a very wide and strong 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 19.59% during the next 3 months and, with a 90% probability hold a price between $57.21 and $76.43 at the end of this 3-month period.
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PSTG Signals & Forecast
The Pure Storage, 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 $51.69 and $52.06. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -8.61%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Pure Storage, Inc stock
Pure Storage, Inc finds support from accumulated volume at $49.96 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 $1.37 between high and low, or 2.66%. For the last week, the stock has had daily average volatility of 3.52%.
Our recommended stop-loss: $49.11 (-6.00%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 40 days ago.)
Trading Expectations (PSTG) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Pure Storage, Inc to open at $52.20, and during the day (based on 14 day Average True Range), to move between $50.33 and $54.15, which gives a possible trading interval of +/-$1.91 (+/-3.67%) up or down from last closing price. If Pure Storage, Inc takes out the full calculated possible swing range there will be an estimated 7.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $52.36 (0.23%) than the support at $49.96 (4.36%), 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 Pure Storage, Inc stock A Buy?
Pure Storage, Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.080 Hold/Accumulate Upgraded
Predicted Opening Price for Pure Storage, Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $52.20 ( 0.0830%) | $52.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PSTG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.57 | 2.54 % | |
| R2 | 53.04 | 1.54 % | ||
| R1 | 52.72 | 0.92 % | ||
| Current price: | 52.24 | |||
| Support | S1 | 51.67 | -1.08 % | |
| S2 | 51.35 | -1.70 % | ||
| S3 | 50.83 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 55.33 | 5.92 % | |
| R2 | 52.65 | 0.785 % | ||
| R1 | 52.36 | 0.230 % | ||
| Current price | 52.24 | |||
| Support | S1 | 49.96 | -4.36% | |
| S2 | 42.12 | -19.37% | ||
| S3 | 40.80 | -21.90% |
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