Greenlight Reinsurance Stock Forecast
Red day on Wednesday for Greenlight Reinsurance
(Updated on Apr 24, 2024)
No changes to the price of Greenlight Reinsurance stock on the last trading day (Wednesday, 24th Apr 2024). During the last trading day the stock fluctuated 1.44% from a day low at $12.17 to a day high of $12.35. The price has risen in 5 of the last 10 days and is up by 0.74% over the past 2 weeks.
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 8.32% during the next 3 months and, with a 90% probability hold a price between $13.02 and $14.36 at the end of this 3-month period.
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GLRE Signals & Forecast
The Greenlight Reinsurance stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $12.32. On a fall, the stock will find some support from the long-term average at approximately $12.21. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". 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 Thursday, February 29, 2024, and so far it has fallen -2.53%. 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 Greenlight Reinsurance stock
Greenlight Reinsurance finds support from accumulated volume at $12.11 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 $0.175 between high and low, or 1.44%. For the last week the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: $11.70 (-4.93%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 38 days ago.)
Trading Expectations (GLRE) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Greenlight Reinsurance to open at $12.28, and during the day (based on 14 day Average True Range), to move between $12.03 and $12.59, which gives a possible trading interval of +/-$0.278 (+/-2.26%) up or down from last closing price. If Greenlight Reinsurance takes out the full calculated possible swing range there will be an estimated 4.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.38 (0.57%) than the support at $12.11 (1.62%), 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.
Is Greenlight Reinsurance 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 Greenlight Reinsurance stock to perform well in the short-term.
Current score: 2.883 Buy Candidate Unchanged
Predicted Opening Price for Greenlight Reinsurance of Thursday, April 25, 2024
Fair opening price April 25, 2024 | Current price |
---|---|
$12.28 ( 0.284%) | $12.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLRE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.45 | 1.14 % | |
R2 | 12.38 | 0.594 % | ||
R1 | 12.34 | 0.259 % | ||
Current price: | 12.31 | |||
Support | S1 | 12.21 | -0.83 % | |
S2 | 12.17 | -1.16 % | ||
S3 | 12.10 | -1.71 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.50 | 1.54 % | |
R2 | 12.47 | 1.30 % | ||
R1 | 12.38 | 0.569 % | ||
Current price | 12.31 | |||
Support | S1 | 12.11 | -1.62% | |
S2 | 11.92 | -3.17% | ||
S3 | 11.85 | -3.74% |
FAQ
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