Cognex Corporation Stock Forecast
Strong day for Cognex Corporation stock price on Thursday rising 5.91% to $43.36
(Updated on May 02, 2024)
The Cognex Corporation stock price gained 5.91% on the last trading day (Thursday, 2nd May 2024), rising from $40.94 to $43.36. During the last trading day the stock fluctuated 5.44% from a day low at $42.06 to a day high of $44.35. The price has risen in 7 of the last 10 days and is up by 12.07% 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, 222 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $75.61 million.
The stock lies in the upper part of a wide and weak 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 $44.08 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 9.69% during the next 3 months and, with a 90% probability hold a price between $42.82 and $48.35 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 $41.03 and $40.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 12.74%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Cognex Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $38.51 and $38.13. 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, Cognex Corporation finds support just below today's level at $38.51. If this is broken, then the next support from accumulated volume will be at $38.13 and $36.76.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.29 (5.44%) between high and low. For the last week, the stock has had daily average volatility of 3.35%.
Our recommended stop-loss: $41.80 (-3.60%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (CGNX) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Cognex Corporation to open at $43.26, and during the day (based on 14 day Average True Range), to move between $42.15 and $44.57, which gives a possible trading interval of +/-$1.21 (+/-2.80%) up or down from last closing price. If Cognex Corporation takes out the full calculated possible swing range there will be an estimated 5.59% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $38.51, some $4.85 (11.19%) from the current price of $43.36, our system finds the risk reward attractive.
Is Cognex Corporation stock A Buy?
Cognex Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Cognex Corporation of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $43.26 ( 0.238%) | $43.36 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 45.55 | 5.04 % | |
| R2 | 44.67 | 3.03 % | ||
| R1 | 44.13 | 1.78 % | ||
| Current price: | 43.36 | |||
| Support | S1 | 42.38 | -2.26 % | |
| S2 | 41.84 | -3.50 % | ||
| S3 | 40.97 | -5.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 43.36 | |||
| Support | S1 | 38.51 | -11.19% | |
| S2 | 38.13 | -12.06% | ||
| S3 | 36.76 | -15.22% |
CGNX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 28, 2024 | Feb 28, 2024 | Mar 14, 2024 | $0.0750 | 0.184% |
| 2 | Oct 30, 2023 | Nov 16, 2023 | Dec 01, 2023 | $0.0750 | 0.195% |
| 3 | Aug 02, 2023 | Aug 17, 2023 | Sep 01, 2023 | $0.0700 | 0.147% |
| 4 | May 03, 2023 | May 18, 2023 | Jun 02, 2023 | $0.0700 | 0.123% |
| 5 | Feb 16, 2023 | Mar 02, 2023 | Mar 17, 2023 | $0.0700 | 0.144% |
FAQ
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