The Goodyear Tire & Rubber Company Stock Forecast
The Goodyear Tire & Rubber Company stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 02, 2024)
The The Goodyear Tire & Rubber Company stock price gained 3.44% on the last trading day (Thursday, 2nd May 2024), rising from $11.93 to $12.34. During the last trading day the stock fluctuated 2.32% from a day low at $12.08 to a day high of $12.36. The price has risen in 6 of the last 10 days and is up by 5.38% over the past 2 weeks. Volume fell on the last day by -13 thousand shares and in total, 4 million shares were bought and sold for approximately $43.20 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.48% during the next 3 months and, with a 90% probability hold a price between $10.76 and $13.07 at the end of this 3-month period.
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GT Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.38%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The The Goodyear Tire & Rubber Company stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $12.60. On a fall, the stock will find some support from the short-term average at $11.98. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for The Goodyear Tire & Rubber Company stock
The Goodyear Tire & Rubber Company finds support from accumulated volume at $11.88 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 $0.280 between high and low, or 2.32%. For the last week, the stock has had daily average volatility of 2.63%.
Our recommended stop-loss: $11.80 (-4.38%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (GT) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect The Goodyear Tire & Rubber Company to open at $12.26, and during the day (based on 14 day Average True Range), to move between $11.95 and $12.73, which gives a possible trading interval of +/-$0.385 (+/-3.12%) up or down from last closing price. If The Goodyear Tire & Rubber Company takes out the full calculated possible swing range there will be an estimated 6.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.39 (0.41%) than the support at $11.88 (3.73%), 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 The Goodyear Tire & Rubber Company stock A Buy?
The Goodyear Tire & Rubber Company holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.972 Hold/Accumulate Upgraded
Predicted Opening Price for The Goodyear Tire & Rubber Company of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $12.26 ( 0.648%) | $12.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.54 | 1.62 % | |
| R2 | 12.43 | 0.754 % | ||
| R1 | 12.37 | 0.218 % | ||
| Current price: | 12.34 | |||
| Support | S1 | 12.15 | -1.52 % | |
| S2 | 12.09 | -2.05 % | ||
| S3 | 11.98 | -2.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.63 | 10.45 % | |
| R2 | 13.46 | 9.08 % | ||
| R1 | 12.39 | 0.405 % | ||
| Current price | 12.34 | |||
| Support | S1 | 11.88 | -3.73% | |
| S2 | 11.72 | -5.02% | ||
| S3 | 11.59 | -6.08% |
GT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 15, 2020 | Jan 31, 2020 | Mar 02, 2020 | $0.160 | 1.69% |
| 2 | Oct 08, 2019 | Oct 31, 2019 | Dec 02, 2019 | $0.160 | 1.00% |
| 3 | Jul 15, 2019 | Jul 31, 2019 | Sep 03, 2019 | $0.160 | 1.47% |
| 4 | Apr 09, 2019 | Apr 30, 2019 | Jun 03, 2019 | $0.160 | 1.15% |
| 5 | Jan 15, 2019 | Jan 31, 2019 | Mar 01, 2019 | $0.160 | 0.81% |
FAQ
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