Synnex Corporation Stock Forecast

Synnex Corporation stock price up 1.02% on Friday
(Updated on May 03, 2024)

SNX Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -1.13%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Synnex 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 $117.26 and $113.29. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Synnex Corporation stock

Synnex Corporation finds support from accumulated volume at $116.43 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.21 between high and low, or 1.91%. For the last week the stock has had daily average volatility of 1.85%.

Our recommended stop-loss: $113.49 (-3.50%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (SNX) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Synnex Corporation to open at $117.25, and during the day (based on 14 day Average True Range), to move between $115.39 and $119.83, which gives a possible trading interval of +/-$2.22 (+/-1.89%) up or down from last closing price. If Synnex Corporation takes out the full calculated possible swing range there will be an estimated 3.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $117.72 (0.09%) than the support at $116.43 (1.00%), 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 Synnex Corporation 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 Synnex Corporation stock to perform well in the short-term.

Current score: 4.260 Buy Candidate Unchanged

Predicted Opening Price for Synnex Corporation of Monday, May 6, 2024

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