Varonis Systems Stock Forecast
Varonis Systems stock downgraded from Buy Candidate to Sell Candidate after Wednesday trading session.
(Updated on Apr 17, 2024)
The Varonis Systems stock price fell by -1.02% on the last day (Wednesday, 17th Apr 2024) from $43.96 to $43.51. During the last trading day the stock fluctuated 2.54% from a day low at $43.23 to a day high of $44.33. The price has fallen in 6 of the last 10 days and is down by -6.37% for this period. 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 -1 million shares and in total, 704 thousand shares were bought and sold for approximately $30.62 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $42.92 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Varonis Systems stock with a 90% probability to be traded between $42.57 and $51.25 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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VRNS Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 1.35%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Varonis Systems stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $44.69 and $47.86. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Varonis Systems stock
Varonis Systems finds support from accumulated volume at $42.93 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 $1.10 between high and low, or 2.54%. For the last week, the stock has had daily average volatility of 3.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (VRNS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Varonis Systems to open at $43.69, and during the day (based on 14 day Average True Range), to move between $42.04 and $44.98, which gives a possible trading interval of +/-$1.47 (+/-3.37%) up or down from last closing price. If Varonis Systems takes out the full calculated possible swing range there will be an estimated 6.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $42.93 (1.33%) than the resistance at $45.54 (4.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Varonis Systems stock A Buy?
Varonis Systems holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.892 Sell Candidate Downgraded
Predicted Opening Price for Varonis Systems of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $43.69 ( 0.414%) | $43.51 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 44.79 | 2.94 % | |
| R2 | 44.37 | 1.98 % | ||
| R1 | 44.11 | 1.38 % | ||
| Current price: | 43.51 | |||
| Support | S1 | 43.27 | -0.552 % | |
| S2 | 43.01 | -1.15 % | ||
| S3 | 42.59 | -2.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.69 | 16.50 % | |
| R2 | 48.60 | 11.70 % | ||
| R1 | 45.54 | 4.67 % | ||
| Current price | 43.51 | |||
| Support | S1 | 42.93 | -1.33% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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