Alta Equipment Group Inc. Stock Forecast
On Monday, Alta Equipment Group Inc. stock price gained an impressive 7.56%
(Updated on May 20, 2024)
The Alta Equipment Group Inc. stock price gained 7.56% on the last trading day (Monday, 20th May 2024), rising from $8.60 to $9.25. During the last trading day the stock fluctuated 8.82% from a day low at $8.50 to a day high of $9.25. The price has fallen in 7 of the last 10 days and is down by -22.01% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 105 thousand more shares were traded than the day before. In total, 420 thousand shares were bought and sold for approximately $3.88 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -11.92% during the next 3 months and, with a 90% probability hold a price between $7.35 and $10.87 at the end of this 3-month period.
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ALTG Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 9.73%. 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 Alta Equipment Group Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $11.30. On a fall, the stock will find some support from the short-term average at $8.74. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Alta Equipment Group Inc. stock
Alta Equipment Group Inc. finds support from accumulated volume at $8.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.750 between high and low, or 8.82%. For the last week, the stock has had daily average volatility of 6.55%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALTG) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Alta Equipment Group Inc. to open at $9.00, and during the day (based on 14 day Average True Range), to move between $8.67 and $9.83, which gives a possible trading interval of +/-$0.577 (+/-6.24%) up or down from last closing price. If Alta Equipment Group Inc. takes out the full calculated possible swing range there will be an estimated 12.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.85 (4.32%) than the resistance at $9.81 (6.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Alta Equipment Group Inc. stock A Buy?
Alta Equipment Group Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.449 Sell Candidate Unchanged
Predicted Opening Price for Alta Equipment Group Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $9.00 ( 2.70%) | $9.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALTG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.75 | 5.41 % | |
| R2 | 9.46 | 2.31 % | ||
| R1 | 9.29 | 0.395 % | ||
| Current price: | 9.25 | |||
| Support | S1 | 8.71 | -5.80 % | |
| S2 | 8.54 | -7.71 % | ||
| S3 | 8.25 | -10.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.22 | 21.30 % | |
| R2 | 11.05 | 19.46 % | ||
| R1 | 9.81 | 6.05 % | ||
| Current price | 9.25 | |||
| Support | S1 | 8.85 | -4.32% | |
| S2 | 8.56 | -7.46% | ||
| S3 | 8.43 | -8.86% |
ALTG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 02, 2024 | May 14, 2024 | May 31, 2024 | $0.0570 | 0.616% |
| 2 | Feb 02, 2024 | Feb 14, 2024 | Feb 29, 2024 | $0.0570 | 0.497% |
| 3 | Jan 11, 2024 | Jan 11, 2024 | Jan 31, 2024 | $0.625 | 5.84% |
| 4 | Nov 03, 2023 | Nov 14, 2023 | Nov 30, 2023 | $0.0600 | 0.629% |
| 5 | Aug 02, 2023 | Aug 14, 2023 | Aug 31, 2023 | $0.0570 | 0.401% |
FAQ
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