ENGlobal Corporation Stock Forecast
Big movements in ENGlobal Corporation stock price on Monday moving 12.60% between high and low
(Updated on Jun 05, 2023)
The ENGlobal Corporation stock price gained 4.50% on the last trading day (Monday, 5th Jun 2023), rising from $0.509 to $0.532. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 12.60% from a day low at $0.506 to a day high of $0.570. The price has been going up and down for this period, and there has been a 32.87% 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, 414 thousand more shares were traded than the day before. In total, 669 thousand shares were bought and sold for approximately $355.48 thousand.
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The stock lies the upper part of a very 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 $0.558 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 -23.55% during the next 3 months and, with a 90% probability hold a price between $0.169 and $0.427 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.
ENG Signals & Forecast
The ENGlobal 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 $0.473 and $0.405. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 24, 2023, and so far it has risen 77.20%. Further rise is indicated until a new top pivot has been found. ENGlobal 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for ENGlobal Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.465 and $0.440. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ENGlobal Corporation finds support just below today's level at $0.465. If this is broken, then the next support from accumulated volume will be at $0.440 and $0.421.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0638 between high and low, or 12.60%. For the last week, the stock has had daily average volatility of 12.55%.
Our recommended stop-loss: $0.512 (-3.76%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (ENG) For The Upcoming Trading Day Of Tuesday 6th
For the upcoming trading day on Tuesday, 6th we expect ENGlobal Corporation to open at $0.536, and during the day (based on 14 day Average True Range), to move between $0.484 and $0.579, which gives a possible trading interval of +/-$0.0476 (+/-8.96%) up or down from last closing price. If ENGlobal Corporation takes out the full calculated possible swing range there will be an estimated 17.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.565 (6.36%) than the support at $0.465 (12.53%), 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 ENGlobal Corporation stock A Buy?
ENGlobal Corporation holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect ENGlobal Corporation stock will perform very well in the next 3 months.
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Strong Buy Candidate UnchangedPredicted Opening Price for ENGlobal Corporation of Tuesday, June 6, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price June 6, 2023 | Current price |
|---|---|
| $0.536 | $0.532 (Undervalued) |
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Trading levels for ENG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.600 | 12.82 % | |
| R2 | 0.575 | 8.23 % | ||
| R1 | 0.560 | 5.40 % | ||
| Current price: | 0.532 | |||
| Support | S1 | 0.512 | -3.77 % | |
| S2 | 0.497 | -6.60 % | ||
| S3 | 0.472 | -11.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.650 | 22.27 % | |
| R2 | 0.600 | 12.87 % | ||
| R1 | 0.565 | 6.36 % | ||
| Current price | 0.532 | |||
| Support | S1 | 0.465 | -12.53% | |
| S2 | 0.440 | -17.23% | ||
| S3 | 0.421 | -20.81% |
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