Cognex Corporation Stock Forecast

Red day on Friday for Cognex Corporation stock after losing 0.594%
(Updated on Apr 19, 2024)

CGNX Signals & Forecast

There are few to no technical positive signals at the moment. The Cognex Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $39.64 and $40.76. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -9.46%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Cognex Corporation stock

Cognex Corporation finds support from accumulated volume at $38.13 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 $0.770 between high and low, or 2.01%. For the last week, the stock has had daily average volatility of 1.95%.

Our recommended stop-loss: $36.47 (-5.18%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (CGNX) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Cognex Corporation to open at $38.61, and during the day (based on 14 day Average True Range), to move between $37.49 and $39.43, which gives a possible trading interval of +/-$0.97 (+/-2.54%) up or down from last closing price. If Cognex Corporation takes out the full calculated possible swing range there will be an estimated 5.07% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $38.51 (0.13%) than the support at $38.13 (0.86%), 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.

Is Cognex Corporation stock A Buy?

Cognex Corporation 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.

Current score: -0.223 Hold/Accumulate Unchanged

Predicted Opening Price for Cognex Corporation of Monday, April 22, 2024

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