SMART Global Holdings Inc Stock Forecast
SMART Global Holdings Inc stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 23, 2024)
The SMART Global Holdings Inc stock price gained 4.18% on the last trading day (Tuesday, 23rd Apr 2024), rising from $17.21 to $17.93. During the last trading day the stock fluctuated 5.72% from a day low at $17.30 to a day high of $18.29. The price has fallen in 6 of the last 10 days and is down by -30.83% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 209 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $23.59 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $16.95 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.77% during the next 3 months and, with a 90% probability hold a price between $17.59 and $28.23 at the end of this 3-month period.
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SGH Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.97%. 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 SMART Global Holdings Inc 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 $18.08 and $22.98. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for SMART Global Holdings Inc stock
SMART Global Holdings Inc finds support from accumulated volume at $17.72 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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.99 between high and low, or 5.72%. For the last week, the stock has had daily average volatility of 6.10%.
SMART Global Holdings Inc is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $17.09 (-4.66%) (This stock has very high daily movements and this gives very high risk. Low RSI14 is 17 which reduces the risk some. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (SGH) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect SMART Global Holdings Inc to open at $17.84, and during the day (based on 14 day Average True Range), to move between $16.70 and $19.16, which gives a possible trading interval of +/-$1.23 (+/-6.87%) up or down from last closing price. If SMART Global Holdings Inc takes out the full calculated possible swing range there will be an estimated 13.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $17.72 (1.17%) than the resistance at $19.44 (8.42%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SMART Global Holdings Inc stock A Buy?
SMART Global Holdings Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.553 Hold/Accumulate Upgraded
Predicted Opening Price for SMART Global Holdings Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $17.84 ( 0.502%) | $17.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SGH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.83 | 5.02 % | |
| R2 | 18.45 | 2.91 % | ||
| R1 | 18.22 | 1.61 % | ||
| Current price: | 17.93 | |||
| Support | S1 | 17.46 | -2.61 % | |
| S2 | 17.23 | -3.91 % | ||
| S3 | 16.85 | -6.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.16 | 23.59 % | |
| R2 | 19.68 | 9.76 % | ||
| R1 | 19.44 | 8.42 % | ||
| Current price | 17.93 | |||
| Support | S1 | 17.72 | -1.17% | |
| S2 | 17.21 | -4.02% | ||
| S3 | 16.92 | -5.63% |
FAQ
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