Grand Canyon Education Stock Forecast
Grand Canyon Education stock price up more than 5.22% on Wednesday
(Updated on May 08, 2024)
The Grand Canyon Education stock price gained 5.22% on the last trading day (Wednesday, 8th May 2024), rising from $139.78 to $147.08. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 7.99% from a day low at $144.97 to a day high of $156.56. The price has risen in 9 of the last 10 days and is up by 14.12% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 163 thousand more shares were traded than the day before. In total, 460 thousand shares were bought and sold for approximately $67.66 million.
Given the current horizontal trend, you can expect Grand Canyon Education stock with a 90% probability to be traded between $128.54 and $148.37 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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LOPE Signals & Forecast
The Grand Canyon Education 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 $136.61 and $133.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 15.67%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Grand Canyon Education stock
On the downside, the stock finds support just below today's level from accumulated volume at $133.55 and $132.73. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Grand Canyon Education finds support just below today's level at $133.55. If this is broken, then the next support from accumulated volume will be at $132.73 and $132.60.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $11.59 (7.99%) between high and low. For the last week, the stock has had daily average volatility of 3.03%.
The Grand Canyon Education stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs. Since the Grand Canyon Education has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $142.02 (-3.44%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (LOPE) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Grand Canyon Education to open at $149.54, and during the day (based on 14 day Average True Range), to move between $143.49 and $150.67, which gives a possible trading interval of +/-$3.59 (+/-2.44%) up or down from last closing price. If Grand Canyon Education takes out the full calculated possible swing range there will be an estimated 4.88% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $133.55, some $13.53 (9.20%) from the current price of $147.08, our system finds the risk reward attractive.
Is Grand Canyon Education stock A Buy?
Grand Canyon Education 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Grand Canyon Education of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $149.54 ( 1.67%) | $147.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LOPE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 161.13 | 9.55 % | |
| R2 | 156.70 | 6.54 % | ||
| R1 | 153.96 | 4.68 % | ||
| Current price: | 147.08 | |||
| Support | S1 | 145.11 | -1.34 % | |
| S2 | 142.37 | -3.20 % | ||
| S3 | 137.95 | -6.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 147.08 | |||
| Support | S1 | 133.55 | -9.20% | |
| S2 | 132.73 | -9.76% | ||
| S3 | 132.60 | -9.84% |
FAQ
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