Element Fleet Management Corporation Stock Forecast

Stronger technical forecast for Element Fleet Management Corporation stock price after Friday trading.
(Updated on May 03, 2024)

EFN.TO Signals & Forecast

Mostly positive signals in the chart today. The Element Fleet Management 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 $21.92 and $21.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 7.26%. 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 Element Fleet Management Corporation stock

Element Fleet Management Corporation finds support from accumulated volume at $22.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.425 between high and low, or 1.89%. For the last week the stock has had daily average volatility of 2.48%.

The Element Fleet Management Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $21.98 (-3.38%) (This stock has low daily movements and this gives low risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (EFN.TO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Element Fleet Management Corporation to open at $22.69, and during the day (based on 14 day Average True Range), to move between $22.34 and $23.16, which gives a possible trading interval of +/-$0.411 (+/-1.80%) up or down from last closing price. If Element Fleet Management Corporation takes out the full calculated possible swing range there will be an estimated 3.61% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $22.65 (0.44%) than the resistance at $22.88 (0.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Element Fleet Management Corporation stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.010 Buy Candidate Upgraded

Predicted Opening Price for Element Fleet Management Corporation of Monday, May 6, 2024

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