FARO Technologies Stock Forecast
FARO Technologies stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on Sep 22, 2023)
The FARO Technologies stock price fell by -4.24% on the last day (Friday, 22nd Sep 2023) from $15.80 to $15.13. During the last trading day the stock fluctuated 3.11% from a day low at $15.12 to a day high of $15.59. The price has been going up and down for this period, and there has been a 0.4% gain for the last 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 -35 thousand shares and in total, 87 thousand shares were bought and sold for approximately $1.31 million.
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The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $14.95 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect FARO Technologies stock with a 90% probability to be traded between $14.94 and $19.34 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.
FARO Signals & Forecast
There are mixed signals in the stock today. The FARO Technologies 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 $15.67 and $16.31. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Monday, September 11, 2023, and so far it has risen 1.20%. 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).
Support, Risk & Stop-loss for FARO Technologies stock
FARO Technologies finds support from accumulated volume at $15.12 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 $0.470 between high and low, or 3.11%. For the last week the stock has had daily average volatility of 3.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FARO) For The Upcoming Trading Day Of Monday 25th
For the upcoming trading day on Monday, 25th we expect FARO Technologies to open at $15.28, and during the day (based on 14 day Average True Range), to move between $14.58 and $15.68, which gives a possible trading interval of +/-$0.552 (+/-3.65%) up or down from last closing price. If FARO Technologies takes out the full calculated possible swing range there will be an estimated 7.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $15.12 (0.07%) than the resistance at $15.40 (1.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is FARO Technologies stock A Buy?
FARO Technologies 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 Buy to a Sell candidate.
Current score: -1.771 Open Broker Account
Sell Candidate DowngradedPredicted Opening Price for FARO Technologies of Monday, September 25, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price September 25, 2023 | Current price |
|---|---|
| $15.28 | $15.13 (Undervalued) |
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Trading levels for FARO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.75 | 4.10 % | |
| R2 | 15.57 | 2.91 % | ||
| R1 | 15.46 | 2.18 % | ||
| Current price: | 15.13 | |||
| Support | S1 | 15.10 | -0.195 % | |
| S2 | 14.99 | -0.93 % | ||
| S3 | 14.81 | -2.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.94 | 5.35 % | |
| R2 | 15.61 | 3.17 % | ||
| R1 | 15.40 | 1.78 % | ||
| Current price | 15.13 | |||
| Support | S1 | 15.12 | -0.0661% | |
| S2 | 15.07 | -0.397% | ||
| S3 | 14.96 | -1.12% |
FAQ
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About FARO Technologies
FARO Technologies, Inc. designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measureme... FARO Profile
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