Argan Inc Stock Forecast
Stronger technical forecast for Argan Inc stock price after Monday trading.
(Updated on Jun 17, 2024)
The Argan Inc stock price gained 1.94% on the last trading day (Monday, 17th Jun 2024), rising from $76.80 to $78.29. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.88% from a day low at $76.10 to a day high of $78.29. The price has risen in 7 of the last 10 days and is up by 10.47% over the past 2 weeks. Volume fell on the last day by -36 thousand shares and in total, 172 thousand shares were bought and sold for approximately $13.44 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $78.98 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 57.37% during the next 3 months and, with a 90% probability hold a price between $110.75 and $124.30 at the end of this 3-month period.
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AGX Signals & Forecast
Mostly positive signals in the chart today. The Argan 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 $77.04 and $68.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 58.64%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Argan Inc stock
Argan Inc finds support from accumulated volume at $77.51 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 $2.19 between high and low, or 2.88%. For the last week, the stock has had daily average volatility of 3.49%.
The Argan Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $76.00 (-2.92%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 60 days ago.)
Trading Expectations (AGX) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Argan Inc to open at $77.56, and during the day (based on 14 day Average True Range), to move between $75.85 and $80.73, which gives a possible trading interval of +/-$2.44 (+/-3.12%) up or down from last closing price. If Argan Inc takes out the full calculated possible swing range there will be an estimated 6.23% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $77.51, some $0.780 (1.00%) from the current price of $78.29, our system finds the risk reward attractive.
Is Argan Inc stock A Buy?
Argan Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.585 Strong Buy Candidate Upgraded
Predicted Opening Price for Argan Inc of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $77.56 ( 0.93%) | $78.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AGX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 79.75 | 1.86% |
| R2 | 78.91 | 0.796% |
| R1 | 78.40 | 0.136% |
| Price | 78.29 | |
| S1 | 76.72 | -2.00% |
| S2 | 76.21 | -2.66% |
| S3 | 75.37 | -3.73% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 78.29 | |
| S1 | 77.51 | -1.00% |
| S2 | 76.35 | -2.48% |
| S3 | 59.77 | -23.66% |
AGX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 10, 2024 | Apr 19, 2024 | Apr 30, 2024 | $0.300 | 0.498% |
| 2 | Dec 14, 2023 | Jan 22, 2024 | Jan 31, 2024 | $0.300 | 0.677% |
| 3 | Sep 19, 2023 | Oct 20, 2023 | Oct 31, 2023 | $0.300 | 0.656% |
| 4 | Jun 20, 2023 | Jul 20, 2023 | Jul 31, 2023 | $0.250 | 0.657% |
| 5 | Apr 12, 2023 | Apr 19, 2023 | Apr 28, 2023 | $0.250 | 0.621% |
FAQ
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