Quantum Corporation Stock Forecast
Green day on Friday for Quantum Corporation stock after gaining 1.08%
(Updated on May 03, 2024)
The Quantum Corporation stock price gained 1.08% on the last trading day (Friday, 3rd May 2024), rising from $0.435 to $0.440. During the last trading day the stock fluctuated 4.65% from a day low at $0.430 to a day high of $0.450. The price has risen in 7 of the last 10 days and is up by 9.9% over the past 2 weeks. Volume fell on the last day by -148 thousand shares and in total, 101 thousand shares were bought and sold for approximately $44.45 thousand. 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 is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Quantum Corporation stock with a 90% probability to be traded between $0.354 and $0.700 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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QMCO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Quantum Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.448 and $0.513. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 15, 2024, and so far it has fallen -38.94%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Quantum Corporation stock
Quantum Corporation finds support from accumulated volume at $0.423 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0200 between high and low, or 4.65%. For the last week the stock has had daily average volatility of 9.64%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (QMCO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Quantum Corporation to open at $0.440, and during the day (based on 14 day Average True Range), to move between $0.386 and $0.493, which gives a possible trading interval of +/-$0.0536 (+/-12.19%) up or down from last closing price. If Quantum Corporation takes out the full calculated possible swing range there will be an estimated 24.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.423 (3.71%) than the resistance at $0.479 (8.96%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Quantum Corporation stock A Buy?
Quantum Corporation holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -5.112 Strong Sell Candidate Unchanged
Predicted Opening Price for Quantum Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.440 ( 0.0607%) | $0.440 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QMCO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.460 | 4.61 % | |
| R2 | 0.452 | 2.87 % | ||
| R1 | 0.448 | 1.80 % | ||
| Current price: | 0.440 | |||
| Support | S1 | 0.432 | -1.68 % | |
| S2 | 0.428 | -2.75 % | ||
| S3 | 0.420 | -4.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.500 | 13.74 % | |
| R2 | 0.490 | 11.49 % | ||
| R1 | 0.479 | 8.96 % | ||
| Current price | 0.440 | |||
| Support | S1 | 0.423 | -3.71% | |
| S2 | 0.421 | -4.30% | ||
| S3 | 0.417 | -5.10% |
FAQ
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