Cognex Corporation stock price up 2.26% on Friday (Updated on July 30, 2021)
Buy or Hold candidate since 2021-07-20 Gain 8.13% PDF
The Cognex Corporation stock price gained 2.26% on the last trading day (Friday, 30th Jul 2021), rising from $88.41 to $90.41. , and has now gained 4 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 day the stock fluctuated 3.78% from a day low at $87.59 to a day high of $90.90. The price has risen in 6 of the last 10 days and is up by 9.44% 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, 254 thousand more shares were traded than the day before. In total, 864 thousand shares were bought and sold for approximately $78.09 million.
The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $89.28, a level that may pose a second chance to hit a runner. According to fan-theory $95.66 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Signals & Forecast
The Cognex Corporation 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 $86.46 and $83.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, July 19, 2021, and so far it has risen 11.21%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $81.30 and $77.58. 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, Cognex Corporation finds support just below today's level at $81.30. If this is broken, then the next support from accumulated volume will be at $77.58 and $74.04.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.31 between high and low, or 3.78%. For the last week the stock has had a daily average volatility of 2.70%.
Our recommended stop-loss: $86.99 (-3.78%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Is Cognex Corporation stock A Buy?
Cognex Corporation holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 7.281
Predicted Opening Price for Cognex Corporation of Monday, August 2, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price August 2, 2021||Current price|
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Raymond James is very positive about CGNX and gave it a "Outperform - Strong-Buy" rating on May 25, 2021. The price target was changed from $100.00 to $120.00.
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