Cognex Corporation Stock Forecast
Stronger technical forecast for Cognex Corporation stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Cognex Corporation stock price gained 1.70% on the last trading day (Tuesday, 2nd Jul 2024), rising from $46.40 to $47.19. During the last trading day the stock fluctuated 1.77% from a day low at $46.40 to a day high of $47.22. The price has been going up and down for this period, and there has been a 0.85% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 69 thousand more shares were traded than the day before. In total, 903 thousand shares were bought and sold for approximately $42.60 million.
The stock lies in the middle of a 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 17.27% during the next 3 months and, with a 90% probability hold a price between $52.34 and $61.09 at the end of this 3-month period.
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CGNX 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 $46.71 and $46.24. 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). 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. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -2.72%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Cognex Corporation stock
Cognex Corporation finds support from accumulated volume at $45.90 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 $0.82 between high and low, or 1.77%. For the last week, the stock has had daily average volatility of 1.90%.
Our recommended stop-loss: $44.73 (-5.21%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (CGNX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Cognex Corporation to open at $46.94, and during the day (based on 14 day Average True Range), to move between $46.08 and $48.30, which gives a possible trading interval of +/-$1.11 (+/-2.36%) up or down from last closing price. If Cognex Corporation takes out the full calculated possible swing range there will be an estimated 4.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $47.24 (0.11%) than the support at $45.90 (2.73%), 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 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: 5.641 Strong Buy Candidate Upgraded
Predicted Opening Price for Cognex Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $46.94 ( 0.537%) | $47.19 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGNX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 47.76 | 1.20% |
| R2 | 47.44 | 0.537% |
| R1 | 47.25 | 0.127% |
| Price | 47.19 | |
| S1 | 46.62 | -1.20% |
| S2 | 46.43 | -1.61% |
| S3 | 46.12 | -2.27% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 48.16 | 2.06% |
| R2 | 47.91 | 1.53% |
| R1 | 47.24 | 0.106% |
| Price | 47.19 | |
| S1 | 45.90 | -2.73% |
| S2 | 43.36 | -8.12% |
| S3 | 42.28 | -10.40% |
CGNX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 02, 2024 | May 15, 2024 | May 30, 2024 | $0.0750 | 0.165% |
| 2 | Feb 28, 2024 | Feb 28, 2024 | Mar 14, 2024 | $0.0750 | 0.184% |
| 3 | Oct 30, 2023 | Nov 16, 2023 | Dec 01, 2023 | $0.0750 | 0.195% |
| 4 | Aug 02, 2023 | Aug 17, 2023 | Sep 01, 2023 | $0.0700 | 0.147% |
| 5 | May 03, 2023 | May 18, 2023 | Jun 02, 2023 | $0.0700 | 0.123% |
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