e.l.f. Beauty Inc Stock Forecast
Stronger technical forecast for e.l.f. Beauty Inc stock price after Thursday trading.
(Updated on Apr 25, 2024)
The e.l.f. Beauty Inc stock price fell by -0.537% on the last day (Thursday, 25th Apr 2024) from $176.98 to $176.03. During the last trading day the stock fluctuated 5.58% from a day low at $169.50 to a day high of $178.96. The price has risen in 6 of the last 10 days and is up by 5.27% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -561 thousand shares and in total, 2 million shares were bought and sold for approximately $338.46 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect e.l.f. Beauty Inc stock with a 90% probability to be traded between $157.28 and $218.54 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ELF Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 12.31%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The e.l.f. Beauty Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $183.34. On a fall, the stock will find some support from the short-term average at $168.85. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for e.l.f. Beauty Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $164.82 and $163.77. 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, e.l.f. Beauty Inc finds support just below today's level at $164.82. If this is broken, then the next support from accumulated volume will be at $163.77 and $161.38.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $9.46 between high and low, or 5.58%. For the last week, the stock has had daily average volatility of 6.66%.
Our recommended stop-loss: $169.48 (-3.72%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (ELF) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect e.l.f. Beauty Inc to open at $174.83, and during the day (based on 14 day Average True Range), to move between $166.76 and $185.30, which gives a possible trading interval of +/-$9.27 (+/-5.27%) up or down from last closing price. If e.l.f. Beauty Inc takes out the full calculated possible swing range there will be an estimated 10.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $176.98 (0.54%) than the support at $164.82 (6.37%), 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 e.l.f. Beauty Inc stock A Buy?
e.l.f. Beauty Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: 0.308 Hold/Accumulate Upgraded
Predicted Opening Price for e.l.f. Beauty Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $174.83 ( 0.682%) | $176.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 184.29 | 4.69 % | |
| R2 | 180.68 | 2.64 % | ||
| R1 | 178.44 | 1.37 % | ||
| Current price: | 176.03 | |||
| Support | S1 | 171.22 | -2.73 % | |
| S2 | 168.98 | -4.00 % | ||
| S3 | 165.37 | -6.06 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 201.62 | 14.54 % | |
| R2 | 176.99 | 0.545 % | ||
| R1 | 176.98 | 0.540 % | ||
| Current price | 176.03 | |||
| Support | S1 | 164.82 | -6.37% | |
| S2 | 163.77 | -6.96% | ||
| S3 | 161.38 | -8.32% |
FAQ
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