Renesas Electronics Corporation Stock Forecast
Weaker technical forecast for Renesas Electronics Corporation as stock downgraded to Hold/Accumulate.
(Updated on May 24, 2024)
No changes to the price of Renesas Electronics Corporation stock on the last trading day (Friday, 24th May 2024). During the last trading day the stock fluctuated 0% from a day low at $18.10 to a day high of $18.10. The price has risen in 4 of the last 10 days and is up by 14.2% over the past 2 weeks.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $18.30 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Renesas Electronics Corporation stock with a 90% probability to be traded between $14.37 and $17.95 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. 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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RNECF Signals & Forecast
The Renesas Electronics Corporation 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 $17.59 and $16.87. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, May 23, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Renesas Electronics Corporation stock
Renesas Electronics Corporation finds support from accumulated volume at $17.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.20%
Our recommended stop-loss: $17.43 (-3.70%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)
Trading Expectations (RNECF) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Renesas Electronics Corporation to open at $18.10, and during the day (based on 14 day Average True Range), to move between $17.67 and $18.53, which gives a possible trading interval of +/-$0.428 (+/-2.37%) up or down from last closing price. If Renesas Electronics Corporation takes out the full calculated possible swing range there will be an estimated 4.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $18.20 (0.55%) than the support at $17.75 (1.93%), 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 Renesas Electronics Corporation stock A Buy?
Renesas Electronics Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.425 Hold/Accumulate Downgraded
Predicted Opening Price for Renesas Electronics Corporation of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $18.10 ( 0%) | $18.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RNECF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.10 | . | |
| R2 | 18.10 | . | ||
| R1 | 18.10 | . | ||
| Current price: | 18.10 | |||
| Support | S1 | 18.10 | . | |
| S2 | 18.10 | . | ||
| S3 | 18.10 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.49 | 2.15 % | |
| R2 | 18.21 | 0.608 % | ||
| R1 | 18.20 | 0.552 % | ||
| Current price | 18.10 | |||
| Support | S1 | 17.75 | -1.93% | |
| S2 | 17.51 | -3.26% | ||
| S3 | 17.39 | -3.92% |
RNECF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 28, 2023 | Dec 28, 2023 | Mar 29, 2024 | $0.198 | 1.14% |
FAQ
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