Eltek Ltd. Stock Forecast
Eltek Ltd. stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Eltek Ltd. stock price fell by -2.42% on the last day (Friday, 26th Apr 2024) from $11.17 to $10.90. During the last trading day the stock fluctuated 3.55% from a day low at $10.86 to a day high of $11.25. The price has risen in 6 of the last 10 days and is up by 12.02% over the past 2 weeks. Volume has increased on the last day by 30 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 49 thousand shares were bought and sold for approximately $530.69 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -37.90% during the next 3 months and, with a 90% probability hold a price between $5.14 and $9.20 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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ELTK Signals & Forecast
The Eltek Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $10.99. On a fall, the stock will find some support from the long-term average at approximately $10.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 12.02%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Eltek Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Eltek Ltd. stock
Eltek Ltd. finds support from accumulated volume at $10.66 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 $0.385 between high and low, or 3.55%. For the last week, the stock has had daily average volatility of 3.87%.
Our recommended stop-loss: $10.59 (-2.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (ELTK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Eltek Ltd. to open at $11.00, and during the day (based on 14 day Average True Range), to move between $10.35 and $11.45, which gives a possible trading interval of +/-$0.549 (+/-5.03%) up or down from last closing price. If Eltek Ltd. takes out the full calculated possible swing range there will be an estimated 10.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $10.66 (2.20%) than the resistance at $13.25 (21.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eltek Ltd. stock A Buy?
Eltek Ltd. 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: -0.604 Hold/Accumulate Downgraded
Predicted Opening Price for Eltek Ltd. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $11.00 ( 0.93%) | $10.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELTK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.39 | 4.46 % | |
| R2 | 11.24 | 3.12 % | ||
| R1 | 11.15 | 2.28 % | ||
| Current price: | 10.90 | |||
| Support | S1 | 10.85 | -0.417 % | |
| S2 | 10.76 | -1.25 % | ||
| S3 | 10.62 | -2.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.59 | 24.68 % | |
| R2 | 13.43 | 23.21 % | ||
| R1 | 13.25 | 21.56 % | ||
| Current price | 10.90 | |||
| Support | S1 | 10.66 | -2.20% | |
| S2 | 10.48 | -3.85% | ||
| S3 | 10.25 | -5.96% |
ELTK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 28, 2023 | Dec 12, 2023 | Dec 21, 2023 | $0.220 | 1.57% |
| 2 | Nov 23, 2022 | Dec 09, 2022 | Dec 19, 2022 | $0.170 | 4.27% |
FAQ
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