GSX Techedu Inc. Stock Forecast
GSX Techedu Inc. stock upgraded from Buy Candidate to Strong Buy Candidate after Monday trading session.
(Updated on May 06, 2024)
The GSX Techedu Inc. stock price gained 4.15% on the last trading day (Monday, 6th May 2024), rising from $6.98 to $7.27. During the last trading day the stock fluctuated 4.67% from a day low at $7.07 to a day high of $7.40. The price has been going up and down for this period, and there has been a 12.02% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 920 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $20.54 million.
The stock lies in the middle of a very wide and strong 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 14.47% during the next 3 months and, with a 90% probability hold a price between $6.49 and $10.21 at the end of this 3-month period.
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GOTU Signals & Forecast
The GSX Techedu Inc. 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 $6.85 and $6.73. 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 Friday, March 01, 2024, and so far it has fallen -10.14%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for GSX Techedu Inc. stock
GSX Techedu Inc. finds support from accumulated volume at $6.98 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 $0.330 between high and low, or 4.67%. For the last week, the stock has had daily average volatility of 5.06%.
Our recommended stop-loss: $6.86 (-5.64%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 45 days ago.)
Trading Expectations (GOTU) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect GSX Techedu Inc. to open at $7.25, and during the day (based on 14 day Average True Range), to move between $6.85 and $7.69, which gives a possible trading interval of +/-$0.423 (+/-5.82%) up or down from last closing price. If GSX Techedu Inc. takes out the full calculated possible swing range there will be an estimated 11.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.44 (2.34%) than the support at $6.98 (3.99%), 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 GSX Techedu Inc. stock A Buy?
GSX Techedu Inc. 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: 5.848 Strong Buy Candidate Upgraded
Predicted Opening Price for GSX Techedu Inc. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $7.25 ( 0.321%) | $7.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOTU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.58 | 4.22 % | |
| R2 | 7.45 | 2.48 % | ||
| R1 | 7.37 | 1.41 % | ||
| Current price: | 7.27 | |||
| Support | S1 | 7.12 | -2.05 % | |
| S2 | 7.04 | -3.13 % | ||
| S3 | 6.92 | -4.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.76 | 6.74 % | |
| R2 | 7.64 | 5.09 % | ||
| R1 | 7.44 | 2.34 % | ||
| Current price | 7.27 | |||
| Support | S1 | 6.98 | -3.99% | |
| S2 | 6.38 | -12.24% | ||
| S3 | 5.94 | -18.29% |
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