Ituran Location and Control Ltd. Stock Forecast
Ituran Location and Control Ltd. stock downgraded to Hold/Accumulate
(Updated on May 07, 2024)
The Ituran Location and Control Ltd. stock price gained 0.372% on the last trading day (Tuesday, 7th May 2024), rising from $26.90 to $27.00. During the last trading day the stock fluctuated 0.92% from a day low at $26.84 to a day high of $27.09. The price has risen in 5 of the last 10 days and is up by 4.05% 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, 6 thousand more shares were traded than the day before. In total, 39 thousand shares were bought and sold for approximately $1.06 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Ituran Location and Control Ltd. stock with a 90% probability to be traded between $25.07 and $28.71 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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ITRN Signals & Forecast
The Ituran Location and Control Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $26.23 and $26.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 7.91%. 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). Ituran Location and Control Ltd. 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.
Support, Risk & Stop-loss for Ituran Location and Control Ltd. stock
Ituran Location and Control Ltd. finds support from accumulated volume at $26.68 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 $0.247 between high and low, or 0.92%. For the last week, the stock has had daily average volatility of 1.97%.
Our recommended stop-loss: $25.79 (-4.47%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (ITRN) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Ituran Location and Control Ltd. to open at $26.98, and during the day (based on 14 day Average True Range), to move between $26.42 and $27.58, which gives a possible trading interval of +/-$0.579 (+/-2.14%) up or down from last closing price. If Ituran Location and Control Ltd. takes out the full calculated possible swing range there will be an estimated 4.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $26.68 (1.19%) than the resistance at $27.47 (1.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ituran Location and Control Ltd. stock A Buy?
Ituran Location and Control Ltd. 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: 0.765 Hold/Accumulate Downgraded
Predicted Opening Price for Ituran Location and Control Ltd. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $26.98 ( 0.0831%) | $27.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ITRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.22 | 0.83 % | |
| R2 | 27.13 | 0.483 % | ||
| R1 | 27.07 | 0.267 % | ||
| Current price: | 27.00 | |||
| Support | S1 | 26.88 | -0.433 % | |
| S2 | 26.82 | -0.649 % | ||
| S3 | 26.73 | -1.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.22 | 4.52 % | |
| R2 | 27.98 | 3.63 % | ||
| R1 | 27.47 | 1.74 % | ||
| Current price | 27.00 | |||
| Support | S1 | 26.68 | -1.19% | |
| S2 | 26.12 | -3.26% | ||
| S3 | 25.25 | -6.48% |
ITRN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Mar 19, 2024 | Apr 03, 2024 | $0.390 | 1.41% |
| 2 | Nov 27, 2023 | Dec 19, 2023 | Jan 04, 2024 | $0.240 | 0.90% |
| 3 | Aug 15, 2023 | Sep 26, 2023 | Oct 11, 2023 | $0.150 | 0.508% |
| 4 | May 24, 2023 | Jun 27, 2023 | Jul 12, 2023 | $0.150 | 0.638% |
| 5 | Feb 28, 2023 | Mar 20, 2023 | Apr 04, 2023 | $0.140 | 0.646% |
FAQ
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