AngioDynamics Stock Forecast
AngioDynamics stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)
The AngioDynamics stock price fell by -1.12% on the last day (Monday, 6th May 2024) from $6.27 to $6.20. During the last trading day the stock fluctuated 3.90% from a day low at $6.16 to a day high of $6.40. The price has fallen in 5 of the last 10 days and is down by -0.96% for this period. Volume has increased on the last day by 130 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, 432 thousand shares were bought and sold for approximately $2.68 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.38% during the next 3 months and, with a 90% probability hold a price between $5.74 and $7.54 at the end of this 3-month period.
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ANGO Signals & Forecast
The AngioDynamics 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 $5.97 and $6.06. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -1.12%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for AngioDynamics stock
AngioDynamics finds support from accumulated volume at $6.19 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 $0.240 between high and low, or 3.90%. For the last week, the stock has had daily average volatility of 3.55%.
Our recommended stop-loss: $5.98 (-3.62%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ANGO) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect AngioDynamics to open at $6.25, and during the day (based on 14 day Average True Range), to move between $5.89 and $6.51, which gives a possible trading interval of +/-$0.306 (+/-4.94%) up or down from last closing price. If AngioDynamics takes out the full calculated possible swing range there will be an estimated 9.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.19 (0.16%) than the resistance at $6.40 (3.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is AngioDynamics stock A Buy?
AngioDynamics holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.485 Hold/Accumulate Downgraded
Predicted Opening Price for AngioDynamics of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $6.25 ( 0.86%) | $6.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ANGO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.49 | 4.73 % | |
| R2 | 6.40 | 3.25 % | ||
| R1 | 6.35 | 2.34 % | ||
| Current price: | 6.20 | |||
| Support | S1 | 6.16 | -0.618 % | |
| S2 | 6.11 | -1.53 % | ||
| S3 | 6.01 | -3.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.03 | 13.39 % | |
| R2 | 6.97 | 12.42 % | ||
| R1 | 6.40 | 3.23 % | ||
| Current price | 6.20 | |||
| Support | S1 | 6.19 | -0.161% | |
| S2 | 6.08 | -1.94% | ||
| S3 | 5.99 | -3.39% |
FAQ
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