Glaukos Corporation Stock Forecast
Weaker technical forecast for Glaukos Corporation as stock downgraded to Hold/Accumulate.
(Updated on Apr 23, 2024)
The Glaukos Corporation stock price gained 2.15% on the last trading day (Tuesday, 23rd Apr 2024), rising from $98.95 to $101.08. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.98% from a day low at $98.31 to a day high of $101.24. The price has fallen in 6 of the last 10 days and is down by -0.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 33 thousand more shares were traded than the day before. In total, 341 thousand shares were bought and sold for approximately $34.44 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $102.06 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 4.78% during the next 3 months and, with a 90% probability hold a price between $91.02 and $106.94 at the end of this 3-month period.
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GKOS Signals & Forecast
The Glaukos Corporation 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 $97.48 and $92.27. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, April 09, 2024, and so far it has fallen -0.227%. 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 Glaukos Corporation stock
Glaukos Corporation finds support from accumulated volume at $100.63 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.93 between high and low, or 2.98%. For the last week, the stock has had daily average volatility of 3.46%.
Our recommended stop-loss: $97.33 (-3.71%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (GKOS) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Glaukos Corporation to open at $100.21, and during the day (based on 14 day Average True Range), to move between $97.78 and $104.38, which gives a possible trading interval of +/-$3.30 (+/-3.26%) up or down from last closing price. If Glaukos Corporation takes out the full calculated possible swing range there will be an estimated 6.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $101.31 (0.23%) than the support at $100.63 (0.45%), 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
Glaukos Corporation will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.590. We will update the financials statements for Glaukos Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.88% in the first trading day after earnings release.
Is Glaukos Corporation stock A Buy?
Glaukos Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.323 Hold/Accumulate Downgraded
Predicted Opening Price for Glaukos Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $100.21 ( 0.86%) | $101.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GKOS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 103.14 | 2.04 % | |
| R2 | 102.02 | 0.93 % | ||
| R1 | 101.33 | 0.247 % | ||
| Current price: | 101.08 | |||
| Support | S1 | 99.09 | -1.97 % | |
| S2 | 98.40 | -2.65 % | ||
| S3 | 97.28 | -3.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 101.31 | 0.228 % | ||
| Current price | 101.08 | |||
| Support | S1 | 100.63 | -0.445% | |
| S2 | 91.46 | -9.52% | ||
| S3 | 89.57 | -11.39% |
FAQ
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