Renesas Electronics Corporation Stock Forecast

Stronger technical forecast for Renesas Electronics Corporation stock price after Thursday trading.
(Updated on May 02, 2024)

RNECY Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 11.30%. Further rise is indicated until a new top pivot has been found. 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. The Renesas Electronics Corporation 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 $8.48. On a fall, the stock will find some support from the short-term average at $8.23. 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).

Support, Risk & Stop-loss for Renesas Electronics Corporation stock

Renesas Electronics Corporation finds support from accumulated volume at $8.26 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.155 between high and low, or 1.88%. For the last week, the stock has had daily average volatility of 3.35%.

Our recommended stop-loss: $8.03 (-4.04%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (RNECY) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Renesas Electronics Corporation to open at $8.35, and during the day (based on 14 day Average True Range), to move between $8.00 and $8.74, which gives a possible trading interval of +/-$0.373 (+/-4.45%) up or down from last closing price. If Renesas Electronics Corporation takes out the full calculated possible swing range there will be an estimated 8.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $8.26 (1.31%) than the resistance at $8.90 (6.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.307 Hold/Accumulate Upgraded

Predicted Opening Price for Renesas Electronics Corporation of Friday, May 3, 2024

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