Open Text Corporation Stock Forecast
Open Text Corporation stock price up 0.434% on Thursday
(Updated on Apr 18, 2024)
The Open Text Corporation stock price gained 0.434% on the last trading day (Thursday, 18th Apr 2024), rising from $34.60 to $34.75. During the last trading day the stock fluctuated 1.48% from a day low at $34.41 to a day high of $34.92. The price has fallen in 6 of the last 10 days and is down by -7.21% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 41 thousand more shares were traded than the day before. In total, 466 thousand shares were bought and sold for approximately $16.20 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $34.25 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -15.34% during the next 3 months and, with a 90% probability hold a price between $28.99 and $32.32 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.
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OTEX Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.81%. 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 Open Text 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 $35.16 and $37.85. 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 Open Text Corporation stock
Open Text Corporation finds support from accumulated volume at $34.72 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 $0.508 between high and low, or 1.48%. For the last week, the stock has had daily average volatility of 1.94%.
Open Text Corporation is oversold on RSI14 (11). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OTEX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Open Text Corporation to open at $34.69, and during the day (based on 14 day Average True Range), to move between $33.95 and $35.55, which gives a possible trading interval of +/-$0.80 (+/-2.31%) up or down from last closing price. If Open Text Corporation takes out the full calculated possible swing range there will be an estimated 4.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.72 (0.09%) than the resistance at $38.46 (10.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Open Text Corporation stock A Buy?
Open Text Corporation holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.929 Sell Candidate Unchanged
Predicted Opening Price for Open Text Corporation of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $34.69 ( 0.162%) | $34.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OTEX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.20 | 1.30 % | |
| R2 | 35.01 | 0.743 % | ||
| R1 | 34.89 | 0.397 % | ||
| Current price: | 34.75 | |||
| Support | S1 | 34.50 | -0.720 % | |
| S2 | 34.38 | -1.07 % | ||
| S3 | 34.19 | -1.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.07 | 23.94 % | |
| R2 | 41.89 | 20.55 % | ||
| R1 | 38.46 | 10.68 % | ||
| Current price | 34.75 | |||
| Support | S1 | 34.72 | -0.0863% | |
| S2 | 34.60 | -0.432% | ||
| S3 | 34.47 | -0.81% |
OTEX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 31, 2024 | Feb 29, 2024 | Mar 20, 2024 | $0.250 | 0.636% |
| 2 | Nov 01, 2023 | Nov 30, 2023 | Dec 20, 2023 | $0.250 | 0.610% |
| 3 | Aug 02, 2023 | Aug 31, 2023 | Sep 22, 2023 | $0.250 | 0.702% |
| 4 | May 02, 2023 | Jun 01, 2023 | Jun 23, 2023 | $0.243 | 0.606% |
| 5 | Feb 01, 2023 | Mar 02, 2023 | Mar 23, 2023 | $0.243 | 0.653% |
FAQ
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