Qorvo Stock Forecast
Qorvo stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Qorvo stock price gained 3.86% on the last trading day (Wednesday, 24th Apr 2024), rising from $107.98 to $112.15. It has now gained 3 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 2.61% from a day low at $110.64 to a day high of $113.53. The price has been going up and down for this period, and there has been a -1.08% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 577 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $173.93 million.
The stock lies in the middle of a wide and 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 3.75% during the next 3 months and, with a 90% probability hold a price between $109.03 and $127.40 at the end of this 3-month period.
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QRVO Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 6.93%. 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. The Qorvo 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 $113.28. On a fall, the stock will find some support from the short-term average at $108.72. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Qorvo stock
On the downside, the stock finds support just below today's level from accumulated volume at $105.75 and $100.26. 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, Qorvo finds support just below today's level at $105.75. If this is broken, then the next support from accumulated volume will be at $100.26 and $99.74.
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 $2.89 between high and low, or 2.61%. For the last week, the stock has had daily average volatility of 2.47%.
Our recommended stop-loss: $107.64 (-4.02%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (QRVO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Qorvo to open at $112.11, and during the day (based on 14 day Average True Range), to move between $109.07 and $115.23, which gives a possible trading interval of +/-$3.08 (+/-2.75%) up or down from last closing price. If Qorvo takes out the full calculated possible swing range there will be an estimated 5.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $113.52 (1.22%) than the support at $105.75 (5.71%), 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.
Earnings coming up
Qorvo will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.21. We will update the financials statements for Qorvo, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.00% in the first trading day after earnings release.
Is Qorvo 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 Qorvo 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: 2.051 Buy Candidate Upgraded
Predicted Opening Price for Qorvo of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $112.11 ( 0.0386%) | $112.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QRVO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 115.00 | 2.54 % | |
| R2 | 113.89 | 1.55 % | ||
| R1 | 113.21 | 0.95 % | ||
| Current price: | 112.15 | |||
| Support | S1 | 111.00 | -1.02 % | |
| S2 | 110.32 | -1.63 % | ||
| S3 | 109.22 | -2.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 119.62 | 6.66 % | |
| R2 | 113.58 | 1.28 % | ||
| R1 | 113.52 | 1.22 % | ||
| Current price | 112.15 | |||
| Support | S1 | 105.75 | -5.71% | |
| S2 | 100.26 | -10.60% | ||
| S3 | 99.74 | -11.07% |
FAQ
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