ENGlobal Corporation Stock Forecast
ENGlobal Corporation stock upgraded from Strong Sell Candidate to Sell Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The ENGlobal Corporation stock price gained 3.40% on the last trading day (Wednesday, 24th Apr 2024), rising from $1.62 to $1.68. During the last trading day the stock fluctuated 5.81% from a day low at $1.63 to a day high of $1.72. The price has risen in 6 of the last 10 days but is still down by -8.97% for this period. Volume fell on the last day by -6 thousand shares and in total, 1 thousand shares were bought and sold for approximately $1.88 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 in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.56 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 21.52% during the next 3 months and, with a 90% probability hold a price between $1.89 and $3.04 at the end of this 3-month period.
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ENG Signals & Forecast
There are few to no technical positive signals at the moment. The ENGlobal 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 $1.73. On a fall, the stock will find some support from the short-term average at $1.66. 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. A sell signal was issued from a pivot top point on Thursday, February 29, 2024, and so far it has fallen -24.89%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ENGlobal Corporation stock
ENGlobal Corporation finds support from accumulated volume at $1.60 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0947 between high and low, or 5.81%. For the last week the stock has had daily average volatility of 9.51%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ENG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect ENGlobal Corporation to open at $1.68, and during the day (based on 14 day Average True Range), to move between $1.53 and $1.82, which gives a possible trading interval of +/-$0.146 (+/-8.73%) up or down from last closing price. If ENGlobal Corporation takes out the full calculated possible swing range there will be an estimated 17.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.72 (2.69%) than the support at $1.60 (4.48%), 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?
The ENGlobal Corporation stock holds several negative signals and despite the positive trend, we believe ENGlobal Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.402 Sell Candidate Upgraded
Predicted Opening Price for ENGlobal Corporation of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $1.68 ( 0.0975%) | $1.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.77 | 5.75 % | |
| R2 | 1.74 | 3.59 % | ||
| R1 | 1.71 | 2.26 % | ||
| Current price: | 1.68 | |||
| Support | S1 | 1.64 | -2.06 % | |
| S2 | 1.62 | -3.40 % | ||
| S3 | 1.58 | -5.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.97 | 17.61 % | |
| R2 | 1.75 | 4.48 % | ||
| R1 | 1.72 | 2.69 % | ||
| Current price | 1.68 | |||
| Support | S1 | 1.60 | -4.48% | |
| S2 | 1.48 | -11.64% | ||
| S3 | 1.26 | -24.78% |
FAQ
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