Gencor Industries Inc. Stock Forecast
Gencor Industries Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Apr 30, 2024)
The Gencor Industries Inc. stock price gained 0.414% on the last trading day (Tuesday, 30th Apr 2024), rising from $16.90 to $16.97. During the last trading day the stock fluctuated 2.14% from a day low at $16.79 to a day high of $17.15. The price has fallen in 7 of the last 10 days and is down by -0.41% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 thousand more shares were traded than the day before. In total, 38 thousand shares were bought and sold for approximately $648.15 thousand.
The stock lies in the middle of a 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 6.09% during the next 3 months and, with a 90% probability hold a price between $17.17 and $19.11 at the end of this 3-month period.
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GENC Signals & Forecast
The Gencor Industries Inc. 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 $16.90 and $16.72. A breakdown below any of these levels will issue sell signals. Gencor Industries Inc. 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. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.29%. 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).
Support, Risk & Stop-loss for Gencor Industries Inc. stock
Gencor Industries Inc. finds support from accumulated volume at $16.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.360 between high and low, or 2.14%. For the last week the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: $16.24 (-4.28%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (GENC) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Gencor Industries Inc. to open at $16.97, and during the day (based on 14 day Average True Range), to move between $16.56 and $17.38, which gives a possible trading interval of +/-$0.407 (+/-2.40%) up or down from last closing price. If Gencor Industries Inc. takes out the full calculated possible swing range there will be an estimated 4.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $16.75 (1.30%) than the resistance at $17.31 (2.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Gencor Industries Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Gencor Industries Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.537 Buy Candidate Upgraded
Predicted Opening Price for Gencor Industries Inc. of Wednesday, May 1, 2024
Fair opening price May 1, 2024 | Current price |
---|---|
$16.97 ( 0%) | $16.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GENC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17.33 | 2.12 % | |
R2 | 17.19 | 1.31 % | ||
R1 | 17.11 | 0.81 % | ||
Current price: | 16.97 | |||
Support | S1 | 16.83 | -0.81 % | |
S2 | 16.75 | -1.31 % | ||
S3 | 16.61 | -2.12 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17.43 | 2.71 % | |
R2 | 17.35 | 2.24 % | ||
R1 | 17.31 | 2.00 % | ||
Current price | 16.97 | |||
Support | S1 | 16.75 | -1.30% | |
S2 | 16.53 | -2.59% | ||
S3 | 16.39 | -3.42% |
FAQ
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