Gildan Activewear Inc. Stock Forecast
Gildan Activewear Inc. stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Gildan Activewear Inc. stock price gained 1.97% on the last trading day (Tuesday, 23rd Apr 2024), rising from $47.83 to $48.77. During the last trading day the stock fluctuated 2.74% from a day low at $47.76 to a day high of $49.07. The price has fallen in 7 of the last 10 days and is down by -2.89% for this period. Volume fell on the last day by -8 thousand shares and in total, 310 thousand shares were bought and sold for approximately $15.10 million. 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 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 $47.91 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 11.24% during the next 3 months and, with a 90% probability hold a price between $53.30 and $58.97 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
GIL.TO Signals & Forecast
A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -4.41%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The Gildan Activewear Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $48.61 and $48.66. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Gildan Activewear Inc. stock
Gildan Activewear Inc. finds support from accumulated volume at $47.26 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 $1.31 between high and low, or 2.74%. For the last week the stock has had daily average volatility of 2.34%.
Our recommended stop-loss: $46.88 (-3.88%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (GIL.TO) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Gildan Activewear Inc. to open at $48.53, and during the day (based on 14 day Average True Range), to move between $47.60 and $49.94, which gives a possible trading interval of +/-$1.17 (+/-2.40%) up or down from last closing price. If Gildan Activewear 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 resistance from accumulated volume at $49.80 (2.11%) than the support at $47.26 (3.10%), 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.
Earnings coming up
Gildan Activewear Inc. will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.96. We will update the financials statements for Gildan Activewear Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.28% in the first trading day after earnings release.
Is Gildan Activewear Inc. stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 4.197 Buy Candidate Upgraded
Predicted Opening Price for Gildan Activewear Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $48.53 ( 0.485%) | $48.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GIL.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.84 | 2.20 % | |
| R2 | 49.34 | 1.17 % | ||
| R1 | 49.03 | 0.541 % | ||
| Current price: | 48.77 | |||
| Support | S1 | 48.03 | -1.51 % | |
| S2 | 47.72 | -2.15 % | ||
| S3 | 47.22 | -3.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.02 | 4.61 % | |
| R2 | 50.71 | 3.98 % | ||
| R1 | 49.80 | 2.11 % | ||
| Current price | 48.77 | |||
| Support | S1 | 47.26 | -3.10% | |
| S2 | 46.33 | -5.00% | ||
| S3 | 44.40 | -8.96% |
GIL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2024 | Mar 12, 2024 | Apr 08, 2024 | $0.275 | 0.556% |
| 2 | Nov 01, 2023 | Nov 21, 2023 | Dec 18, 2023 | $0.186 | 0.411% |
| 3 | Aug 03, 2023 | Aug 23, 2023 | Sep 18, 2023 | $0.246 | 0.648% |
| 4 | May 23, 2023 | May 23, 2023 | Jun 19, 2023 | $0.251 | 0.614% |
| 5 | Mar 13, 2023 | Mar 13, 2023 | Apr 10, 2023 | $0.257 | 0.596% |
FAQ
Click here for our free guide on how to buy Gildan Activewear Inc. Stock.
