Sprouts Farmers Market Stock Forecast
Stronger technical forecast for Sprouts Farmers Market stock price after Friday trading.
(Updated on Apr 19, 2024)
The Sprouts Farmers Market stock price gained 3.25% on the last trading day (Friday, 19th Apr 2024), rising from $63.10 to $65.15. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.23% from a day low at $63.16 to a day high of $65.20. The price has risen in 6 of the last 10 days and is up by 2.66% 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, 240 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $86.03 million.
The stock has broken the strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $65.56. A reaction back to this level may hold a second chance to get out before further falls.
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SFM Signals & Forecast
The Sprouts Farmers Market 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 $63.17 and $63.25. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 19, 2024, and so far it has risen 6.54%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Sprouts Farmers Market stock
On the downside, the stock finds support just below today's level from accumulated volume at $60.34 and $59.63. There is a 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, Sprouts Farmers Market finds support just below today's level at $60.34. If this is broken, then the next support from accumulated volume will be at $59.63 and $52.63.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.04 between high and low, or 3.23%. For the last week the stock has had daily average volatility of 2.12%.
Our recommended stop-loss: $61.52 (-5.58%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (SFM) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Sprouts Farmers Market to open at $64.50, and during the day (based on 14 day Average True Range), to move between $63.72 and $66.58, which gives a possible trading interval of +/-$1.43 (+/-2.19%) up or down from last closing price. If Sprouts Farmers Market takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $60.34, some $4.81 (7.38%) from the current price of $65.15, our system finds the risk reward attractive.
Is Sprouts Farmers Market stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Sprouts Farmers Market stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 4.758 Buy Candidate Upgraded
Predicted Opening Price for Sprouts Farmers Market of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $64.50 ( 0.99%) | $65.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SFM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 66.54 | 2.14 % | |
| R2 | 65.76 | 0.94 % | ||
| R1 | 65.28 | 0.204 % | ||
| Current price: | 65.15 | |||
| Support | S1 | 63.72 | -2.19 % | |
| S2 | 63.24 | -2.93 % | ||
| S3 | 62.46 | -4.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 65.15 | |||
| Support | S1 | 60.34 | -7.38% | |
| S2 | 59.63 | -8.47% | ||
| S3 | 52.63 | -19.22% |
FAQ
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