CalAmp Corp. Stock Forecast
High volatility in CalAmp Corp. stock price on Monday which ended trading at $3.37
(Updated on Apr 22, 2024)
The CalAmp Corp. stock price gained 12.71% on the last trading day (Monday, 22nd Apr 2024), rising from $2.99 to $3.37. During the last trading day the stock fluctuated 13.47% from a day low at $2.97 to a day high of $3.37. The price has fallen in 6 of the last 10 days but is still up by 4.98% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 thousand more shares were traded than the day before. In total, 15 thousand shares were bought and sold for approximately $49.97 thousand.
The stock lies in the middle of a very wide and strong 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 59.28% during the next 3 months and, with a 90% probability hold a price between $2.99 and $8.29 at the end of this 3-month period.
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CAMP Signals & Forecast
The CalAmp Corp. 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 $3.13 and $2.98. 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). CalAmp Corp. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Thursday, February 15, 2024, and so far it has fallen -11.32%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for CalAmp Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.11 and $2.89. 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, CalAmp Corp. finds support just below today's level at $3.11. If this is broken, then the next support from accumulated volume will be at $2.89 and $2.76.
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 $0.400 between high and low, or 13.47%. For the last week, the stock has had daily average volatility of 5.20%.
Our recommended stop-loss: $3.18 (-5.78%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 45 days ago.)
Trading Expectations (CAMP) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect CalAmp Corp. to open at $3.24, and during the day (based on 14 day Average True Range), to move between $3.13 and $3.61, which gives a possible trading interval of +/-$0.243 (+/-7.21%) up or down from last closing price. If CalAmp Corp. takes out the full calculated possible swing range there will be an estimated 14.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.61 (7.12%) than the support at $3.11 (7.72%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
CalAmp Corp. will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is -$2.07. We will update the financials statements for CalAmp Corp., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.97% in the first trading day after earnings release.
Is CalAmp Corp. stock A Buy?
CalAmp Corp. 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: 6.644 Strong Buy Candidate Upgraded
Predicted Opening Price for CalAmp Corp. of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $3.24 ( 3.96%) | $3.37 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAMP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.64 | 7.91 % | |
| R2 | 3.48 | 3.38 % | ||
| R1 | 3.39 | 0.578 % | ||
| Current price: | 3.37 | |||
| Support | S1 | 3.08 | -8.49 % | |
| S2 | 2.99 | -11.29 % | ||
| S3 | 2.84 | -15.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.80 | 12.76 % | |
| R2 | 3.62 | 7.42 % | ||
| R1 | 3.61 | 7.12 % | ||
| Current price | 3.37 | |||
| Support | S1 | 3.11 | -7.72% | |
| S2 | 2.89 | -14.24% | ||
| S3 | 2.76 | -18.10% |
FAQ
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