Daily Scoop 🍨: Phunware (PHUN) A Buy Now Until Christmas (Target $8)

$Phunware, Inc.(PHUN)$ 

Big movements in Phunware Inc. stock price on Monday moving 28.25% between high and low

Buy candidate since Jul 15, 2024.

The Phunware Inc. stock price gained 0.94% on the last trading day (Monday, 15th Jul 2024), rising from $5.83 to $5.89. 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 28.25% from a day low at $5.84 to a day high of $7.49. The price has risen in 6 of the last 10 days and is up by 7.19% 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, 12 million more shares were traded than the day before. In total, 13 million shares were bought and sold for approximately $74.62 million.

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 -17.35% during the next 3 months and, with a 90% probability hold a price between $3.91 and $5.43 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.

Support, Risk & Stop-loss for Phunware Inc. stock

Phunware Inc. finds support from accumulated volume at $5.86 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 $1.65 between high and low, or 28.25%. For the last week, the stock has had daily average volatility of 10.08%.

Our recommended stop-loss: $5.60 (-4.91%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (PHUN) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect Phunware Inc. to open at $6.41, and during the day (based on 14 day Average True Range), to move between $5.38 and $6.39, which gives a possible trading interval of +/-$0.503 (+/-8.54%) up or down from last closing price. If Phunware Inc. takes out the full calculated possible swing range there will be an estimated 17.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $5.86 (0.42%) than the resistance at $6.30 (7.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Insiders are very positive buying more shares than they are selling in Phunware Inc.

In the last 100 trades there were 5.78 million shares bought and 1.74 million shares sold. The last trade was made 4 days ago by Snavely Michael who sold 6 thousand shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.

Is Phunware Inc. stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.