Avnet Inc Stock Forecast
Avnet Inc stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The Avnet Inc stock price gained 1.05% on the last trading day (Friday, 26th Apr 2024), rising from $49.58 to $50.10. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.47% from a day low at $49.55 to a day high of $50.28. The price has risen in 7 of the last 10 days and is up by 6.08% 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, 61 thousand more shares were traded than the day before. In total, 523 thousand shares were bought and sold for approximately $26.21 million.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.74% during the next 3 months and, with a 90% probability hold a price between $50.89 and $55.50 at the end of this 3-month period.
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AVT Signals & Forecast
The Avnet Inc 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 $48.28 and $47.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 07, 2024, and so far it has risen 13.99%. 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). The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Avnet Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $45.36 and $45.30. 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, Avnet Inc finds support just below today's level at $45.36. If this is broken, then the next support from accumulated volume will be at $45.30 and $44.72.
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 $0.730 (1.47%) between high and low. For the last week, the stock has had daily average volatility of 2.34%.
Since the Avnet Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $48.19 (-3.82%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 55 days ago.)
Trading Expectations (AVT) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Avnet Inc to open at $49.98, and during the day (based on 14 day Average True Range), to move between $49.09 and $51.11, which gives a possible trading interval of +/-$1.01 (+/-2.02%) up or down from last closing price. If Avnet Inc takes out the full calculated possible swing range there will be an estimated 4.03% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $45.36, some $4.74 (9.46%) from the current price of $50.10, our system finds the risk reward attractive.
Earnings coming up
Avnet Inc will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.11. We will update the financials statements for Avnet Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.24% in the first trading day after earnings release.
Is Avnet Inc stock A Buy?
Avnet Inc holds several positive signals and is within a weak 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 Buy to a Strong Buy candidate.
Current score: 5.773 Strong Buy Candidate Upgraded
Predicted Opening Price for Avnet Inc of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$49.98 ( 0.246%) | $50.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AVT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 50.71 | 1.21 % | |
R2 | 50.43 | 0.654 % | ||
R1 | 50.26 | 0.310 % | ||
Current price: | 50.10 | |||
Support | S1 | 49.70 | -0.80 % | |
S2 | 49.53 | -1.15 % | ||
S3 | 49.25 | -1.70 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 50.10 | |||
Support | S1 | 45.36 | -9.46% | |
S2 | 45.30 | -9.58% | ||
S3 | 44.72 | -10.74% |
AVT Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 15, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.310 | 0.660% |
2 | Nov 15, 2023 | Dec 05, 2023 | Dec 20, 2023 | $0.310 | 0.629% |
3 | Aug 29, 2023 | Sep 12, 2023 | Sep 27, 2023 | $0.310 | 0.651% |
4 | May 22, 2023 | Jun 06, 2023 | Jun 21, 2023 | $0.290 | 0.609% |
5 | Feb 15, 2023 | Feb 28, 2023 | Mar 15, 2023 | $0.290 | 0.691% |
FAQ
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