Envela Corporation Stock Forecast
Envela Corporation stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Envela Corporation stock price gained 2.48% on the last trading day (Wednesday, 27th Mar 2024), rising from $4.44 to $4.55. During the last trading day the stock fluctuated 3.75% from a day low at $4.41 to a day high of $4.57. The price has been going up and down for this period, and there has been a 4.6% gain for the last 2 weeks. Volume fell on the last day by -8 thousand shares and in total, 64 thousand shares were bought and sold for approximately $292.61 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a wide and falling 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 $4.62 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.98% during the next 3 months and, with a 90% probability hold a price between $3.90 and $4.44 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ELA Signals & Forecast
The Envela 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 $4.46 and $4.43. 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). 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 Wednesday, March 20, 2024, and so far it has fallen -1.94%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Envela Corporation stock
Envela Corporation finds support from accumulated volume at $4.48 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.165 between high and low, or 3.75%. For the last week the stock has had daily average volatility of 4.53%
Our recommended stop-loss: $4.37 (-3.88%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (ELA) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Envela Corporation to open at $4.51, and during the day (based on 14 day Average True Range), to move between $4.37 and $4.73, which gives a possible trading interval of +/-$0.184 (+/-4.04%) up or down from last closing price. If Envela Corporation takes out the full calculated possible swing range there will be an estimated 8.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.61 (1.32%) than the support at $4.48 (1.54%), 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 Envela Corporation stock A Buy?
Envela 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.719 Hold/Accumulate Downgraded
Predicted Opening Price for Envela Corporation of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$4.51 ( 0.92%) | $4.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 4.67 | 2.71 % | |
R2 | 4.61 | 1.33 % | ||
R1 | 4.57 | 0.470 % | ||
Current price: | 4.55 | |||
Support | S1 | 4.45 | -2.30 % | |
S2 | 4.41 | -3.16 % | ||
S3 | 4.34 | -4.54 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 4.64 | 1.98 % | |
R2 | 4.62 | 1.54 % | ||
R1 | 4.61 | 1.32 % | ||
Current price | 4.55 | |||
Support | S1 | 4.48 | -1.54% | |
S2 | 4.40 | -3.30% | ||
S3 | 4.31 | -5.27% |
ELA Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Sep 12, 2016 | Sep 12, 2016 | Sep 12, 2016 | $0.367 | 44.22% |
2 | Jun 10, 2016 | Jun 10, 2016 | Jun 10, 2016 | $0.367 | 1.45% |
3 | Mar 10, 2016 | Mar 10, 2016 | Mar 10, 2016 | $0.367 | 1.46% |
4 | Dec 10, 2015 | Dec 10, 2015 | Dec 10, 2015 | $0.367 | 1.46% |
5 | Sep 10, 2015 | Sep 10, 2015 | Sep 10, 2015 | $0.367 | 1.46% |
FAQ
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