GR Engineering Services Limited Stock Forecast

GR Engineering Services Limited stock upgraded to Hold/Accumulate.
(Updated on May 31, 2024)

GNG.AX Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 3.33%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The GR Engineering Services Limited 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 $2.19 and $2.23. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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.

Support, Risk & Stop-loss for GR Engineering Services Limited stock

GR Engineering Services Limited finds support from accumulated volume at $2.10 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.0900 between high and low, or 4.31%. For the last week the stock has had daily average volatility of 3.03%

Our recommended stop-loss: $2.05 (-5.49%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (GNG.AX) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect GR Engineering Services Limited to open at $2.15, and during the day (based on 14 day Average True Range), to move between $2.13 and $2.21, which gives a possible trading interval of +/-$0.0443 (+/-2.04%) up or down from last closing price. If GR Engineering Services Limited takes out the full calculated possible swing range there will be an estimated 4.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.23 (2.76%) than the support at $2.10 (3.23%), 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 GR Engineering Services Limited stock A Buy?

GR Engineering Services Limited 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: 0.170 Hold/Accumulate Upgraded

Predicted Opening Price for GR Engineering Services Limited of Monday, June 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.