Photronics Stock Forecast
Photronics stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Photronics stock price gained 1.87% on the last trading day (Friday, 26th Apr 2024), rising from $27.76 to $28.28. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.07% from a day low at $27.81 to a day high of $28.38. The price has been going up and down for this period, and there has been a 2.35% gain for the last 2 weeks. Volume fell on the last day by -33 thousand shares and in total, 228 thousand shares were bought and sold for approximately $6.44 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.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.63% during the next 3 months and, with a 90% probability hold a price between $20.60 and $26.53 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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PLAB Signals & Forecast
The Photronics stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $26.80 and $28.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 11.69%. Further rise is indicated until a new top pivot has been found. 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. 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).
Support, Risk & Stop-loss for Photronics stock
Photronics finds support from accumulated volume at $28.01 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.575 between high and low, or 2.07%. For the last week, the stock has had daily average volatility of 3.53%.
Our recommended stop-loss: $27.28 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (PLAB) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Photronics to open at $28.16, and during the day (based on 14 day Average True Range), to move between $27.28 and $29.28, which gives a possible trading interval of +/-$1.00 (+/-3.55%) up or down from last closing price. If Photronics takes out the full calculated possible swing range there will be an estimated 7.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $28.01 (0.95%) than the resistance at $28.79 (1.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Photronics stock A Buy?
Photronics 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: -0.108 Hold/Accumulate Upgraded
Predicted Opening Price for Photronics of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $28.16 ( 0.442%) | $28.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLAB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.73 | 1.59 % | |
| R2 | 28.51 | 0.81 % | ||
| R1 | 28.37 | 0.335 % | ||
| Current price: | 28.28 | |||
| Support | S1 | 27.94 | -1.22 % | |
| S2 | 27.80 | -1.70 % | ||
| S3 | 27.58 | -2.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.84 | 19.66 % | |
| R2 | 33.42 | 18.18 % | ||
| R1 | 28.79 | 1.80 % | ||
| Current price | 28.28 | |||
| Support | S1 | 28.01 | -0.95% | |
| S2 | 26.88 | -4.95% | ||
| S3 | 26.77 | -5.34% |
FAQ
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