Essential Utilities Inc. Stock Forecast

Essential Utilities Inc. stock upgraded to Buy Candidate.
(Updated on May 09, 2024)

WTRG Signals & Forecast

Mostly positive signals in the chart today. The Essential Utilities Inc. 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 $38.16 and $36.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 14.46%. 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 Essential Utilities Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $36.54 and $36.00. 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, Essential Utilities Inc. finds support just below today's level at $36.54. If this is broken, then the next support from accumulated volume will be at $36.00 and $35.90.

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 $0.84 between high and low, or 2.20%. For the last week, the stock has had daily average volatility of 2.09%.

The Essential Utilities Inc. stock is extremely overbought on RSI14 (89). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Essential Utilities Inc. has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $37.09 (-4.35%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 17 days ago.)

Trading Expectations (WTRG) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Essential Utilities Inc. to open at $38.63, and during the day (based on 14 day Average True Range), to move between $38.02 and $39.54, which gives a possible trading interval of +/-$0.765 (+/-1.97%) up or down from last closing price. If Essential Utilities Inc. takes out the full calculated possible swing range there will be an estimated 3.95% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $36.54, some $2.24 (5.78%) from the current price of $38.78, our system finds the risk reward attractive.

Is Essential Utilities Inc. stock A Buy?

Several short-term signals, along with a general good trend, are positive and the stock has broken the rising trend up, which indicates an even stronger rate of rising. We can conclude that the current level may hold a buying opportunity as there is a fair chance for Essential Utilities Inc. stock to perform well in the short-term period. Due to a possible false trend-break listing stock as pure buy candidate is held back. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 4.343 Buy Candidate Upgraded

Predicted Opening Price for Essential Utilities Inc. of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.