Varonis Systems Stock Forecast
Varonis Systems stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Varonis Systems stock price gained 1.14% on the last trading day (Tuesday, 2nd Jul 2024), rising from $47.49 to $48.03. During the last trading day the stock fluctuated 2.06% from a day low at $47.16 to a day high of $48.13. The price has risen in 5 of the last 10 days and is up by 9.91% over the past 2 weeks. Volume fell on the last day by -50 thousand shares and in total, 968 thousand shares were bought and sold for approximately $46.47 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to fall -2.84% during the next 3 months and, with a 90% probability hold a price between $39.90 and $46.67 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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VRNS Signals & Forecast
Mostly positive signals in the chart today. The Varonis Systems 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 $45.65 and $43.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 15.73%. 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 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 Varonis Systems stock
On the downside, the stock finds support just below today's level from accumulated volume at $45.00 and $44.22. 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, Varonis Systems finds support just below today's level at $45.00. If this is broken, then the next support from accumulated volume will be at $44.22 and $42.96.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.97 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 3.82%.
Our recommended stop-loss: $46.21 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (VRNS) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Varonis Systems to open at $47.77, and during the day (based on 14 day Average True Range), to move between $46.67 and $49.39, which gives a possible trading interval of +/-$1.36 (+/-2.84%) up or down from last closing price. If Varonis Systems takes out the full calculated possible swing range there will be an estimated 5.67% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $45.00, some $3.03 (6.31%) from the current price of $48.03, our system finds the risk reward attractive.
Is Varonis Systems stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.336 Buy Candidate Upgraded
Predicted Opening Price for Varonis Systems of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $47.77 ( 0.534%) | $48.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VRNS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 48.74 | 1.49% |
| R2 | 48.37 | 0.714% |
| R1 | 48.14 | 0.237% |
| Price | 48.03 | |
| S1 | 47.40 | -1.31% |
| S2 | 47.17 | -1.78% |
| S3 | 46.80 | -2.55% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 48.03 | |
| S1 | 45.00 | -6.31% |
| S2 | 44.22 | -7.93% |
| S3 | 42.96 | -10.56% |
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