Cognex Corporation Stock Forecast
Cognex Corporation stock downgraded to Sell Candidate
(Updated on Apr 22, 2024)
The Cognex Corporation stock price gained 1.85% on the last trading day (Monday, 22nd Apr 2024), rising from $38.46 to $39.17. During the last trading day the stock fluctuated 2.05% from a day low at $38.56 to a day high of $39.35. The price has fallen in 7 of the last 10 days and is down by -4.42% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 118 thousand more shares were traded than the day before. In total, 761 thousand shares were bought and sold for approximately $29.80 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $38.53 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 11.62% during the next 3 months and, with a 90% probability hold a price between $43.01 and $48.94 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CGNX Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 1.85%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cognex Corporation 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 $39.34 and $40.74. 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).
Support, Risk & Stop-loss for Cognex Corporation stock
Cognex Corporation finds support from accumulated volume at $38.51 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 $0.790 between high and low, or 2.05%. For the last week, the stock has had daily average volatility of 1.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CGNX) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cognex Corporation to open at $39.03, and during the day (based on 14 day Average True Range), to move between $38.20 and $40.14, which gives a possible trading interval of +/-$0.97 (+/-2.47%) up or down from last closing price. If Cognex Corporation takes out the full calculated possible swing range there will be an estimated 4.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $39.44 (0.69%) than the support at $38.51 (1.68%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Cognex Corporation stock A Buy?
The Cognex Corporation stock holds several negative signals and despite the positive trend, we believe Cognex Corporation will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -2.468 Sell Candidate Downgraded
Predicted Opening Price for Cognex Corporation of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $39.03 ( 0.366%) | $39.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGNX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.82 | 1.65 % | |
| R2 | 39.51 | 0.88 % | ||
| R1 | 39.33 | 0.405 % | ||
| Current price: | 39.17 | |||
| Support | S1 | 38.72 | -1.14 % | |
| S2 | 38.54 | -1.61 % | ||
| S3 | 38.24 | -2.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.83 | 4.24 % | |
| R2 | 39.60 | 1.10 % | ||
| R1 | 39.44 | 0.689 % | ||
| Current price | 39.17 | |||
| Support | S1 | 38.51 | -1.68% | |
| S2 | 38.13 | -2.66% | ||
| S3 | 36.76 | -6.15% |
CGNX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 28, 2024 | Feb 28, 2024 | Mar 14, 2024 | $0.0750 | 0.184% |
| 2 | Oct 30, 2023 | Nov 16, 2023 | Dec 01, 2023 | $0.0750 | 0.195% |
| 3 | Aug 02, 2023 | Aug 17, 2023 | Sep 01, 2023 | $0.0700 | 0.147% |
| 4 | May 03, 2023 | May 18, 2023 | Jun 02, 2023 | $0.0700 | 0.123% |
| 5 | Feb 16, 2023 | Mar 02, 2023 | Mar 17, 2023 | $0.0700 | 0.144% |
FAQ
Click here for our free guide on how to buy Cognex Corporation Stock.
