Green Thumb Industries Inc Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Volatile ride for Green Thumb Industries Inc stock price on Monday moving between $12.46 and $13.84
(Updated on May 06, 2024)
The Green Thumb Industries Inc stock price fell by -5.15% on the last day (Monday, 6th May 2024) from $13.20 to $12.52. During the last trading day the stock fluctuated 11.08% from a day low at $12.46 to a day high of $13.84. The price has risen in 6 of the last 10 days and is up by 4.25% 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 -87 thousand shares and in total, 566 thousand shares were bought and sold for approximately $7.08 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Green Thumb Industries Inc stock with a 90% probability to be traded between $11.18 and $15.40 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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GTBIF Signals & Forecast
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. The Green Thumb Industries Inc 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 $13.20 and $13.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -18.44%. Further fall is indicated until a new bottom pivot has been found. 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 Green Thumb Industries Inc stock
Green Thumb Industries Inc finds support from accumulated volume at $11.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.38 between high and low, or 11.08%. For the last week, the stock has had daily average volatility of 16.20%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GTBIF) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Green Thumb Industries Inc to open at $12.94, and during the day (based on 14 day Average True Range), to move between $11.26 and $13.78, which gives a possible trading interval of +/-$1.26 (+/-10.06%) up or down from last closing price. If Green Thumb Industries Inc takes out the full calculated possible swing range there will be an estimated 20.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.97 (4.37%) than the resistance at $13.22 (5.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Green Thumb Industries Inc will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0600. We will update the financials statements for Green Thumb Industries Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.23% in the first trading day after earnings release.
Is Green Thumb Industries Inc stock A Buy?
Green Thumb Industries Inc holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.157 Sell Candidate Downgraded
Predicted Opening Price for Green Thumb Industries Inc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $12.94 ( 3.35%) | $12.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GTBIF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.32 | 14.38 % | |
| R2 | 13.79 | 10.17 % | ||
| R1 | 13.47 | 7.57 % | ||
| Current price: | 12.52 | |||
| Support | S1 | 12.41 | -0.86 % | |
| S2 | 12.09 | -3.46 % | ||
| S3 | 11.56 | -7.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.35 | 22.60 % | |
| R2 | 13.52 | 7.99 % | ||
| R1 | 13.22 | 5.59 % | ||
| Current price | 12.52 | |||
| Support | S1 | 11.97 | -4.37% | |
| S2 | 11.63 | -7.11% | ||
| S3 | 11.12 | -11.19% |
FAQ
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