Envela Corporation Stock Forecast
Weaker technical forecast for Envela Corporation as stock downgraded to Sell Candidate.
(Updated on Apr 26, 2024)
The Envela Corporation stock price gained 1.39% on the last trading day (Friday, 26th Apr 2024), rising from $4.32 to $4.38. During the last trading day the stock fluctuated 4.23% from a day low at $4.26 to a day high of $4.44. The price has been going up and down for this period, and there has been a 0.69% 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, 12 thousand more shares were traded than the day before. In total, 31 thousand shares were bought and sold for approximately $136.24 thousand.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Envela Corporation stock with a 90% probability to be traded between $4.25 and $4.62 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ELA Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.34%. Further rise is indicated until a new top pivot has been found. Envela Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Envela Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $4.44. On a fall, the stock will find some support from the short-term average at $4.34. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A sell signal from a double top formation was found on Wednesday, April 03, 2024 and based on theory for this formation the price should fall by -1.17% to $4.33 within 9 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Envela Corporation stock
Envela Corporation finds support from accumulated volume at $4.35 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 $0.180 between high and low, or 4.23%. For the last week, the stock has had daily average volatility of 4.34%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELA) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Envela Corporation to open at $4.36, and during the day (based on 14 day Average True Range), to move between $4.19 and $4.57, which gives a possible trading interval of +/-$0.187 (+/-4.27%) up or down from last closing price. If Envela Corporation takes out the full calculated possible swing range there will be an estimated 8.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.40 (0.46%) than the support at $4.35 (0.68%), 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.
Earnings coming up
Envela Corporation will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0300. We will update the financials statements for Envela Corporation , that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.94% in the first trading day after earnings release.
Is Envela Corporation stock A Buy?
Envela Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.171 Sell Candidate Downgraded
Predicted Opening Price for Envela Corporation of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $4.36 ( 0.457%) | $4.38 |
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 | 4.54 | 3.65 % | |
| R2 | 4.47 | 2.08 % | ||
| R1 | 4.43 | 1.11 % | ||
| Current price: | 4.38 | |||
| Support | S1 | 4.29 | -2.03 % | |
| S2 | 4.25 | -3.00 % | ||
| S3 | 4.18 | -4.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.44 | 1.37 % | |
| R2 | 4.42 | 0.91 % | ||
| R1 | 4.40 | 0.457 % | ||
| Current price | 4.38 | |||
| Support | S1 | 4.35 | -0.685% | |
| S2 | 4.32 | -1.37% | ||
| S3 | 4.30 | -1.83% |
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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