Grocery Outlet Holding Corp. Stock Forecast
Grocery Outlet Holding Corp. stock price down 0.227% on Tuesday
(Updated on Jul 02, 2024)
The Grocery Outlet Holding Corp. stock price fell by -0.227% on the last day (Tuesday, 2nd Jul 2024) from $22.05 to $22.00. During the last trading day the stock fluctuated 2.34% from a day low at $21.78 to a day high of $22.29. The price has risen in 6 of the last 10 days and is up by 5.21% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -433 thousand shares and in total, 843 thousand shares were bought and sold for approximately $18.54 million.
Given the current short-term trend, the stock is expected to fall -24.89% during the next 3 months and, with a 90% probability hold a price between $11.85 and $16.52 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.
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GO Signals & Forecast
The Grocery Outlet Holding Corp. 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 $22.07. On a fall, the stock will find some support from the long-term average at approximately $21.54. 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. A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 11.28%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Grocery Outlet Holding Corp. stock
Grocery Outlet Holding Corp. finds support from accumulated volume at $21.22 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 $0.510 between high and low, or 2.34%. For the last week, the stock has had daily average volatility of 2.39%.
The Grocery Outlet Holding Corp. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $21.25 (-3.42%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 66 days ago.)
Trading Expectations (GO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Grocery Outlet Holding Corp. to open at $22.02, and during the day (based on 14 day Average True Range), to move between $21.35 and $22.65, which gives a possible trading interval of +/-$0.655 (+/-2.98%) up or down from last closing price. If Grocery Outlet Holding Corp. takes out the full calculated possible swing range there will be an estimated 5.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $22.05 (0.23%) than the support at $21.22 (3.55%), 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 Grocery Outlet Holding Corp. 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.
Current score: 2.376 Buy Candidate Unchanged
Predicted Opening Price for Grocery Outlet Holding Corp. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $22.02 ( 0.106%) | $22.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.53 | 2.42% |
| R2 | 22.34 | 1.54% |
| R1 | 22.22 | 0.99% |
| Price | 22.00 | |
| S1 | 21.83 | -0.779% |
| S2 | 21.71 | -1.33% |
| S3 | 21.51 | -2.21% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.90 | 17.73% |
| R2 | 23.00 | 4.55% |
| R1 | 22.05 | 0.227% |
| Price | 22.00 | |
| S1 | 21.22 | -3.55% |
| S2 | 20.91 | -4.95% |
| S3 | 20.88 | -5.09% |
FAQ
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