Gildan Activewear Inc. Stock Forecast
Gildan Activewear Inc. stock upgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Gildan Activewear Inc. stock price fell by -1.29% on the last day (Friday, 3rd May 2024) from $45.89 to $45.30. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.49% from a day low at $45.29 to a day high of $46.87. The price has fallen in 6 of the last 10 days and is down by -6.44% for this period. 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 -303 thousand shares and in total, 232 thousand shares were bought and sold for approximately $10.51 million.
Given the current short-term trend, the stock is expected to rise 5.90% during the next 3 months and, with a 90% probability hold a price between $47.97 and $55.58 at the end of this 3-month period.
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GIL.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Gildan Activewear Inc. 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 $47.30 and $48.93. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -11.21%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Gildan Activewear Inc. stock
Gildan Activewear Inc. finds support from accumulated volume at $44.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.58 (3.49%) between high and low. For the last week, the stock has had daily average volatility of 4.19%.
Our recommended stop-loss: $42.40 (-6.40%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 31 days ago.)
Trading Expectations (GIL.TO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Gildan Activewear Inc. to open at $45.82, and during the day (based on 14 day Average True Range), to move between $43.90 and $46.70, which gives a possible trading interval of +/-$1.40 (+/-3.09%) up or down from last closing price. If Gildan Activewear Inc. takes out the full calculated possible swing range there will be an estimated 6.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $44.97 (0.73%) than the resistance at $46.33 (2.27%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Gildan Activewear Inc. stock A Buy?
Gildan Activewear Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.351 Hold/Accumulate Upgraded
Predicted Opening Price for Gildan Activewear Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $45.82 ( 1.15%) | $45.30 |
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 | 47.40 | 4.64 % | |
| R2 | 46.80 | 3.30 % | ||
| R1 | 46.42 | 2.48 % | ||
| Current price: | 45.30 | |||
| Support | S1 | 45.22 | -0.184 % | |
| S2 | 44.84 | -1.01 % | ||
| S3 | 44.24 | -2.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.02 | 12.63 % | |
| R2 | 47.26 | 4.33 % | ||
| R1 | 46.33 | 2.27 % | ||
| Current price | 45.30 | |||
| Support | S1 | 44.97 | -0.728% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
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% |
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