Genco Shipping & Trading Ltd Warrants Stock Forecast
Genco Shipping & Trading Ltd Warrants stock upgraded from Buy Candidate to Strong Buy Candidate after Monday trading session.
(Updated on Apr 22, 2024)
The Genco Shipping & Trading Ltd Warrants stock price gained 1.22% on the last trading day (Monday, 22nd Apr 2024), rising from $20.55 to $20.80. 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 2.69% from a day low at $20.43 to a day high of $20.98. The price has risen in 7 of the last 10 days and is up by 2.36% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 132 thousand more shares were traded than the day before. In total, 464 thousand shares were bought and sold for approximately $9.65 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $20.39 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 19.69% during the next 3 months and, with a 90% probability hold a price between $24.40 and $27.38 at the end of this 3-month period.
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GNK Signals & Forecast
The Genco Shipping & Trading Ltd Warrants 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 $20.50 and $20.41. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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, March 12, 2024, and so far it has fallen -1.79%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Genco Shipping & Trading Ltd Warrants stock
Genco Shipping & Trading Ltd Warrants finds support from accumulated volume at $20.42 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 $0.550 between high and low, or 2.69%. For the last week the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: $19.95 (-4.11%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)
Trading Expectations (GNK) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Genco Shipping & Trading Limited Warrants Expiring 12/31/2021 to open at $20.74, and during the day (based on 14 day Average True Range), to move between $20.31 and $21.29, which gives a possible trading interval of +/-$0.486 (+/-2.34%) up or down from last closing price. If Genco Shipping & Trading Limited Warrants Expiring 12/31/2021 takes out the full calculated possible swing range there will be an estimated 4.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.95 (0.72%) than the support at $20.42 (1.83%), 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 Genco Shipping & Trading Limited Warrants Expiring 12/31/2021 stock A Buy?
Genco Shipping & Trading Ltd Warrants holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.044 Strong Buy Candidate Upgraded
Predicted Opening Price for Genco Shipping & Trading Limited Warrants Expiring 12/31/2021 of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $20.74 ( 0.304%) | $20.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GNK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.29 | 2.34 % | |
| R2 | 21.08 | 1.33 % | ||
| R1 | 20.95 | 0.706 % | ||
| Current price: | 20.80 | |||
| Support | S1 | 20.53 | -1.31 % | |
| S2 | 20.40 | -1.94 % | ||
| S3 | 20.19 | -2.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.18 | 1.83 % | |
| R2 | 21.01 | 1.01 % | ||
| R1 | 20.95 | 0.721 % | ||
| Current price | 20.80 | |||
| Support | S1 | 20.42 | -1.83% | |
| S2 | 20.38 | -2.02% | ||
| S3 | 19.49 | -6.30% |
GNK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 05, 2024 | Mar 13, 2024 | $0.410 | 1.97% |
| 2 | Nov 08, 2023 | Nov 21, 2023 | Nov 30, 2023 | $0.150 | 0.97% |
| 3 | Aug 03, 2023 | Aug 15, 2023 | Aug 23, 2023 | $0.150 | 1.08% |
| 4 | May 02, 2023 | May 15, 2023 | Aug 23, 2023 | $0.150 | 1.08% |
| 5 | Feb 22, 2023 | Mar 06, 2023 | Mar 14, 2023 | $0.500 | 2.97% |
FAQ
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