eGain Corporation Stock Forecast
Evaluation of eGain Corporation stock downgraded after the last trading session.
(Updated on May 06, 2024)
The eGain Corporation stock price fell by -0.469% on the last day (Monday, 6th May 2024) from $6.39 to $6.36. During the last trading day the stock fluctuated 1.42% from a day low at $6.35 to a day high of $6.44. The price has risen in 6 of the last 10 days and is up by 3.92% over the past 2 weeks. Volume has increased on the last day by 6 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 57 thousand shares were bought and sold for approximately $361.10 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect eGain Corporation stock with a 90% probability to be traded between $5.81 and $7.79 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EGAN Signals & Forecast
The eGain Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $6.30 and $6.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 13, 2024, and so far it has risen 11.97%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. eGain Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for eGain Corporation stock
eGain Corporation finds support from accumulated volume at $6.13 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0900 between high and low, or 1.42%. For the last week the stock has had daily average volatility of 2.10%.
Our recommended stop-loss: $6.19 (-2.66%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 57 days ago.)
Trading Expectations (EGAN) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect eGain Corporation to open at $6.38, and during the day (based on 14 day Average True Range), to move between $6.20 and $6.52, which gives a possible trading interval of +/-$0.163 (+/-2.56%) up or down from last closing price. If eGain Corporation takes out the full calculated possible swing range there will be an estimated 5.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.39 (0.47%) than the support at $6.13 (3.62%), 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.
Earnings coming up
eGain Corporation will release earnings AMC on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0700. We will update the financials statements for eGain Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.67% in the first trading day after earnings release.
Is eGain Corporation stock A Buy?
eGain Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.908 Hold/Accumulate Downgraded
Predicted Opening Price for eGain Corporation of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $6.38 ( 0.367%) | $6.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EGAN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.47 | 1.78 % | |
| R2 | 6.44 | 1.24 % | ||
| R1 | 6.42 | 0.91 % | ||
| Current price: | 6.36 | |||
| Support | S1 | 6.35 | -0.174 % | |
| S2 | 6.33 | -0.508 % | ||
| S3 | 6.29 | -1.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.45 | 1.42 % | |
| R2 | 6.43 | 1.10 % | ||
| R1 | 6.39 | 0.472 % | ||
| Current price | 6.36 | |||
| Support | S1 | 6.13 | -3.62% | |
| S2 | 5.94 | -6.60% | ||
| S3 | 5.78 | -9.12% |
FAQ
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