Great Lakes Dredge & Dock Corporation stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Dec 08, 2023)
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The stock lies the upper part of a very wide and falling 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 $7.27 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -17.17% during the next 3 months and, with a 90% probability hold a price between $4.76 and $6.03 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
GLDD Signals & Forecast
The Great Lakes Dredge & Dock Corporation 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 $6.93 and $6.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, November 08, 2023, and so far it has risen 12.32%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
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Support, Risk & Stop-loss for Great Lakes Dredge & Dock Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.57 and $6.48. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Great Lakes Dredge & Dock Corporation finds support just below today's level at $6.57. If this is broken, then the next support from accumulated volume will be at $6.48 and $6.25.
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 $0.130 between high and low, or 1.87%. For the last week the stock has had daily average volatility of 4.34%.
Our recommended stop-loss: $6.67 (-5.01%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (GLDD) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect Great Lakes Dredge & Dock Corporation to open at $7.02, and during the day (based on 14 day Average True Range), to move between $6.74 and $7.30, which gives a possible trading interval of +/-$0.283 (+/-4.03%) up or down from last closing price. If Great Lakes Dredge & Dock Corporation takes out the full calculated possible swing range there will be an estimated 8.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.57 (6.41%) than the resistance at $7.52 (7.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Great Lakes Dredge & Dock Corporation stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.354 Open Broker AccountBuy Candidate Upgraded
Predicted Opening Price for Great Lakes Dredge & Dock Corporation of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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