Eastern Company (The) Stock Forecast

Stronger technical forecast for Eastern Company (The) stock price after Friday trading.
(Updated on Apr 19, 2024)

EML Signals & Forecast

The Eastern Company (The) stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $30.93. On a fall, the stock will find some support from the long-term average at approximately $29.54. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Eastern Company (The) has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -13.45%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, July 18, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Eastern Company (The) stock

Eastern Company (The) finds support from accumulated volume at $29.39 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 $1.21 between high and low, or 4.23%. For the last week, the stock has had daily average volatility of 5.50%.

Our recommended stop-loss: $27.98 (-5.48%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (EML) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Eastern Company (The) to open at $29.26, and during the day (based on 14 day Average True Range), to move between $28.04 and $31.16, which gives a possible trading interval of +/-$1.56 (+/-5.27%) up or down from last closing price. If Eastern Company (The) takes out the full calculated possible swing range there will be an estimated 10.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $29.39 (0.71%) than the resistance at $31.99 (8.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Eastern Company (The) 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 Eastern Company (The) 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.

Current score: 1.564 Buy Candidate Upgraded

Predicted Opening Price for Eastern Company (The) of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.