Carpenter Technology Corporation Stock Forecast

Carpenter Technology Corporation stock upgraded from Hold/Accumulate to Strong Buy Candidate after Thursday trading session.
(Updated on May 02, 2024)

CRS Signals & Forecast

Mostly positive signals in the chart today. The Carpenter Technology 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 $87.69 and $76.45. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 31.67%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Carpenter Technology Corporation stock

Carpenter Technology Corporation finds support from accumulated volume at $98.33 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 $4.62 between high and low, or 4.83%. For the last week, the stock has had daily average volatility of 5.04%.

The Carpenter Technology Corporation stock is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $97.16 (-2.74%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (CRS) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Carpenter Technology Corporation to open at $98.63, and during the day (based on 14 day Average True Range), to move between $96.27 and $103.53, which gives a possible trading interval of +/-$3.63 (+/-3.64%) up or down from last closing price. If Carpenter Technology Corporation takes out the full calculated possible swing range there will be an estimated 7.28% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $98.33, some $1.57 (1.57%) from the current price of $99.90, our system finds the risk reward attractive.

Is Carpenter Technology Corporation stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Carpenter Technology Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 6.656 Strong Buy Candidate Upgraded

Predicted Opening Price for Carpenter Technology Corporation of Friday, May 3, 2024

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