SMCI Stock Forecast: Is $300 Possible For NASDAQ: SMCI Price?

SMCI stock has been on a strong upward trend since October 2022, even before the beginning of the current year 2023 after the announcement of the previous Q2′ 22 financial results. The stock soared from the low of $50 and reached a yearly high and an all-time high of $356 by August 7th, 2023.

Thereafter, the bulls faced a strong resistance near $356 which stopped the upward move and was also influenced by the release of the recent year’s second quarter Q2 results. On August 8th, 2023, SMCI announced the second quarterly report and managed to beat the earnings and revenue per share estimates but fell due to profit booking.

The consensus expected the revenue to be $1.982 Billion but it turned out to be $2.185 Billion (reported revenue), a positive surprise of $202.94 Million. This invited a profit booking in the market and the SMCI stock price dropped to form a support near $239 also the 38.20% Fibo level.

Moreover, the SMCI stock estimated EPS for Q2 ’23 was positive at 2.908 but the reported EPS was positive at 3.51 and gave a positive surprise of 20.72%. Moreover, the forecasted EPS for the next quarter is positive at 3.249.

The member of the board of directors of Super Micro Computer Inc., Sherman Tuan, in the last three months, sold its SMCI shareholding in the tech company. Sherman Tuan (independent director) dumped nearly about 1000 shares, worth $272.0K. Moreover, one individual bought 4000 shares worth $1.1 Million.

Technical Analysis of SMCI Stock Price in 1-D Timeframe

The price action for SMCI stock showed that during the bulls’ run the price ascended by making streaks of break of structures also higher highs and lows. Moreover, ascending upward Fibonacci levels of 50.00% and 38.20% helped the price to sustain and the price followed trendline support effectively and rose with momentum to $356.

At press time, SMCI stock price was $282.16 with an intraday minor gain of 2.57% trading above the major EMAs, showing positivity on the charts. Moreover, the intraday trading volume of SMCI is 3.753 Million lower than the 10-day aggregate volume of 4.257 Million.

Moreover, observing the charts, the resistance was high at $356 price dropped significantly and formed support around the Fibonacci 38.20% level around the price of $239, and from this level, the Smci price rebounded and rose. There is a possibility for the price to head toward the next resistance level of $297 and $313 and if boosts it can even surpass ATL.

Conversely, if the price breaks below the $251 major support level, it might decline toward $239.

At the time of publishing, Super Micro Computer Inc. (NASDAQ: SMCI) is trading above the 20, and 50 EMA. RSI is around 53 in bullish territory. A bullish crossover is noticed in the MACD Oscillator.

Summary

The market structure and price action of Super Micro Computer Inc. were bearish earlier due to the sharp profit booking causing a hefty sell-off due to the second quarter results. The stock price has risen above $251 to regain bullish momentum and if sustains then might potentially shatter the annual high of $356. Technical parameters also support the rise and increase in bullish momentum. Super Micro Computer Inc. (NASDAQ: SMCI) stock prices are bullish on the 1-D time frame. Also, positive and buying sentiments are oriented by the traders and investors.

Technical Levels

Support levels: The nearest support levels for SMCI price are $251 and $239.
Resistance levels: The nearest resistance levels for the Smci stock price are $297 and $313.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.