Sprouts Farmers Market Stock Forecast
On Thursday, Sprouts Farmers Market stock price gained an impressive 11.99%
(Updated on May 02, 2024)
The Sprouts Farmers Market stock price gained 11.99% on the last trading day (Thursday, 2nd May 2024), rising from $64.29 to $72.00. During the last trading day the stock fluctuated 5.82% from a day low at $69.96 to a day high of $74.03. The price has risen in 8 of the last 10 days and is up by 14.1% 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, 2 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $307.80 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $72.34 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 24.92% during the next 3 months and, with a 90% probability hold a price between $80.60 and $90.36 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SFM Signals & Forecast
Mostly positive signals in the chart today. The Sprouts Farmers Market 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 $66.90 and $64.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 11.99%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
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 $67.50 and $60.34. 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 $67.50. If this is broken, then the next support from accumulated volume will be at $60.34 and $59.63.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $4.07 (5.82%) between high and low. For the last week, the stock has had daily average volatility of 3.75%.
The Sprouts Farmers Market stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $69.54 (-3.42%) (This stock has low daily movements and this gives low risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (SFM) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Sprouts Farmers Market to open at $72.00, and during the day (based on 14 day Average True Range), to move between $69.85 and $74.15, which gives a possible trading interval of +/-$2.15 (+/-2.98%) up or down from last closing price. If Sprouts Farmers Market takes out the full calculated possible swing range there will be an estimated 5.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $67.50, some $4.50 (6.25%) from the current price of $72.00, our system finds the risk reward attractive.
Earnings coming up
Sprouts Farmers Market will release earnings BMO on Monday, May 06, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.00. We will update the financials statements for Sprouts Farmers Market, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.96% in the first trading day after earnings release.
Is Sprouts Farmers Market stock A Buy?
Sprouts Farmers Market holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 8.416 Strong Buy Candidate Upgraded
Predicted Opening Price for Sprouts Farmers Market of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $72.00 ( 0.0046%) | $72.00 |
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 | 76.07 | 5.65 % | |
| R2 | 74.51 | 3.49 % | ||
| R1 | 73.55 | 2.15 % | ||
| Current price: | 72.00 | |||
| Support | S1 | 70.44 | -2.16 % | |
| S2 | 69.48 | -3.50 % | ||
| S3 | 67.93 | -5.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 72.00 | |||
| Support | S1 | 67.50 | -6.25% | |
| S2 | 60.34 | -16.19% | ||
| S3 | 59.63 | -17.18% |
FAQ
Click here for our free guide on how to buy Sprouts Farmers Market Stock.
