Red day on Friday for Globus Medical Inc stock after losing 0.37%StockInvest.us, 2 months ago
The Globus Medical Inc stock price fell by -0.37% on the last day (Friday, 4th Mar 2022) from $72.09 to $71.82. and has now fallen 3 days in a row. During the day the stock fluctuated 2.41% from a day low at $70.24 to a day high of $71.93. The price has risen in 6 of the last 10 days and is up by 8.26% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -109 thousand shares and in total, 272 thousand shares were bought and sold for approximately $19.56 million.
On Feb 22, 2022 "Morgan Stanley" gave "$82.00 - $74.00" rating for GMED. The price target was changed from $65.83 to 0.6%.
The stock lies in the middle of a 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 -2.08% during the next 3 months and, with a 90% probability hold a price between $61.72 and $72.93 at the end of this 3-month period.
The Globus Medical 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 $70.71 and $68.48. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wednesday, March 02, 2022, and so far it has fallen -0.75%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
On the downside, the stock finds support just below today's level from accumulated volume at $68.21 and $66.25.There is 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, Globus Medical Inc finds support just below today's level at $68.21. If this is broken, then the next support from accumulated volume will be at $66.25 and $63.68.
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 $1.70 between high and low, or 2.41%. For the last week, the stock has had a daily average volatility of 2.38%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.Check full Globus Medical Inc forecast and analysis here.