Stock Analysis: Cheap Stocks to Buy Today for Short Term Under 10 – AvidXchange Holdings Inc (AVDX)
If you’re looking for cheap stocks to buy today for short term under 10 $, AvidXchange Holdings Inc (AVDX) presents a strong opportunity. On Thursday, 24 October 2024, AvidXchange closed at $8.17, making it an appealing choice for short-term traders. Let’s break down the technical analysis and explore why AvidXchange stands out as one of the cheap stocks to buy today for short term under 10 $.
1. Overview of AvidXchange Holdings Inc (AVDX)
AvidXchange Holdings Inc is a provider of accounts payable and payment automation solutions for businesses. The company operates in the growing fintech space, offering strong long-term potential, but it also presents an opportunity for short-term traders given its current technical setup. This makes AvidXchange one of the cheap stocks to buy today for short term under 10 $.
2. Closing Price: 24 October 2024
On 24 October 2024, AvidXchange closed at $8.17. The stock is currently positioned near a key demand zone and is showing technical signs of a potential bullish reversal, making it a great candidate for short-term trading.
3. Weekly Time Frame Analysis
On the weekly time frame, AvidXchange has been trading in an ascending broadening wedge pattern since May 2022. This pattern typically indicates that the stock is poised for a breakout, especially after the stock shifted from a bearish trend to a bullish trend. The stock has been creating higher highs (HH) and higher lows (HL), showing consistent upward momentum.
The stock is currently testing the October 2023 swing low demand zone, which it previously tested in August 2024. According to the weekly chart, a complete bat harmonic pattern has formed near the $7 price level, which is a bullish signal. This pattern indicates that the stock is likely to bounce towards the upside in the coming weeks, reinforcing AvidXchange as one of the cheap stocks to buy today for short term under 10 $.
4. Daily Time Frame: Bullish Signals
On the daily time frame, AvidXchange has shown further bullish signals. The stock has broken and closed above the 21 EMA (Exponential Moving Average), indicating a shift in momentum following a retracement. This is a strong bullish signal that suggests buyers are stepping in and the stock is likely to move higher.
Given the technical setup on both the weekly and daily time frames, AvidXchange is positioned well as one of the cheap stocks to buy today for short term under 10 $.
5. Critical Support Level: $6.70
While the stock is showing strong bullish signals, it’s important to monitor the $6.70 price level. If the stock breaks and closes below $6.70, the current bullish setup would be invalidated, and further downside could be expected. However, as long as the stock remains above this level, the bullish outlook remains intact.
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Swing Trade Idea for AvidXchange Holdings Inc (AVDX)
For those looking to capitalize on short-term trading opportunities, AvidXchange offers a well-defined swing trade setup. Here’s a swing trade idea based on current technical analysis:
- Buy Entry Range: $8 – $7
- Stop Loss: $6.50
- Target 1: $10.30
- Target 2: $11.50
This swing trade setup offers a solid risk-to-reward ratio, with the stop-loss placed just below the $6.70 support level to protect against downside risk. The first target of $10.30 and the second target of $11.50 are realistic based on historical price action and resistance levels.
6. Why AvidXchange is Among the Best Cheap Stocks to Buy Today for Short Term Under 10 $
AvidXchange is considered one of the cheap stocks to buy today for short term under 10 $ for several reasons:
- Ascending Broadening Wedge Pattern: The stock has been trading in this bullish pattern since May 2022, indicating upward momentum.
- Harmonic Pattern Support: The formation of the bat harmonic pattern near the $7 price level suggests a potential bounce.
- Break Above 21 EMA: On the daily time frame, the stock has closed above the 21 EMA, indicating that buyers are in control.
These factors make AvidXchange a compelling choice for short-term traders seeking cheap stocks to buy today for short term under 10 $.
7. Risk Management and Strategy
While AvidXchange shows a strong bullish setup, proper risk management is essential. Swing traders should adhere to the stop-loss at $6.50 to protect against any downside if the stock breaks below the critical $6.70 level.
For short-term traders, it’s important to watch for volume and price action closely. If the stock continues to move upward with strong momentum, there could be additional opportunities to capture quick gains.
8. Short-Term Investment Outlook
AvidXchange is well-positioned for short-term gains, supported by bullish technical patterns and strong support at the demand zone. The stock’s potential to test the $10.30 and $11.50 levels in the short term makes it one of the best cheap stocks to buy today for short term under 10 $.
9. Conclusion: AvidXchange is a Strong Buy for Short-Term Traders
AvidXchange Holdings Inc (AVDX) is one of the cheap stocks to buy today for short term under 10 $ due to its strong technical setup, bullish reversal pattern, and momentum above the 21 EMA. With upside targets of $10.30 and $11.50, the stock presents a promising opportunity for swing traders and short-term investors.
As long as the stock holds above the $6.70 level, the bullish outlook remains valid, and AvidXchange could continue to rise in the coming weeks. For those seeking quick gains with well-defined risk, AvidXchange is one of the top cheap stocks to buy today for short term under 10 $.
FAQs
1. Is AvidXchange a good stock to buy for short-term trading?
Yes, AvidXchange is considered one of the cheap stocks to buy today for short term under 10 $ due to its bullish technical setup, support at the demand zone, and strong momentum.
2. What is the closing price of AvidXchange on 24 October 2024?
On 24 October 2024, AvidXchange closed at $8.17.
3. What are the upside targets for AvidXchange?
The upside targets for AvidXchange are $10.30 and $11.50, with potential resistance at these levels.
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Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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