ENGlobal Corporation Stock Forecast
ENGlobal Corporation stock price ended at $1.64 on Thursday, after losing 0.606%.
(Updated on May 09, 2024)
The ENGlobal Corporation stock price fell by -0.606% on the last day (Thursday, 9th May 2024) from $1.65 to $1.64. During the last trading day the stock fluctuated 5.52% from a day low at $1.63 to a day high of $1.72. The price has fallen in 5 of the last 10 days but is still up by 0.61% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -8 thousand shares and in total, 10 thousand shares were bought and sold for approximately $15.79 thousand.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.82% during the next 3 months and, with a 90% probability hold a price between $1.33 and $2.39 at the end of this 3-month period.
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ENG Signals & Forecast
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. The ENGlobal Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.67 and $1.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 29, 2024, and so far it has fallen -26.46%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. 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 $0.0900 between high and low, or 5.52%. For the last week the stock has had daily average volatility of 5.95%.
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 Friday 10th
For the upcoming trading day on Friday, 10th we expect ENGlobal Corporation to open at $1.66, and during the day (based on 14 day Average True Range), to move between $1.53 and $1.75, which gives a possible trading interval of +/-$0.114 (+/-6.94%) up or down from last closing price. If ENGlobal Corporation takes out the full calculated possible swing range there will be an estimated 13.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.60 (2.44%) than the resistance at $1.72 (4.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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.
Current score: -2.595 Sell Candidate Unchanged
Predicted Opening Price for ENGlobal Corporation of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $1.66 ( 1.42%) | $1.64 |
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 | 1.75 | 6.91 % | |
| R2 | 1.72 | 4.81 % | ||
| R1 | 1.70 | 3.52 % | ||
| Current price: | 1.64 | |||
| Support | S1 | 1.63 | -0.674 % | |
| S2 | 1.61 | -1.97 % | ||
| S3 | 1.57 | -4.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.97 | 20.12 % | |
| R2 | 1.75 | 6.71 % | ||
| R1 | 1.72 | 4.88 % | ||
| Current price | 1.64 | |||
| Support | S1 | 1.60 | -2.44% | |
| S2 | 1.48 | -9.76% | ||
| S3 | 1.26 | -23.17% |
FAQ
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