Gates Industrial Corporation plc Stock Forecast
Stronger technical forecast for Gates Industrial Corporation plc stock price after Wednesday trading.
(Updated on Apr 24, 2024)
The Gates Industrial Corporation plc stock price gained 0.680% on the last trading day (Wednesday, 24th Apr 2024), rising from $17.65 to $17.77. During the last trading day the stock fluctuated 1.59% from a day low at $17.58 to a day high of $17.86. The price has risen in 6 of the last 10 days and is up by 2.42% over the past 2 weeks. Volume fell on the last day by -157 thousand shares and in total, 1 million shares were bought and sold for approximately $24.86 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 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 $17.57 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 45.17% during the next 3 months and, with a 90% probability hold a price between $25.51 and $28.16 at the end of this 3-month period.
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GTES Signals & Forecast
The Gates Industrial Corporation plc 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 $17.37 and $17.25. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.43%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Gates Industrial Corporation plc stock
Gates Industrial Corporation plc finds support from accumulated volume at $17.45 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 $0.280 between high and low, or 1.59%. For the last week the stock has had daily average volatility of 1.74%.
Our recommended stop-loss: $17.04 (-4.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (GTES) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Gates Industrial Corporation plc to open at $17.74, and during the day (based on 14 day Average True Range), to move between $17.42 and $18.12, which gives a possible trading interval of +/-$0.346 (+/-1.94%) up or down from last closing price. If Gates Industrial Corporation plc takes out the full calculated possible swing range there will be an estimated 3.89% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $17.45, some $0.320 (1.80%) from the current price of $17.77, our system finds the risk reward attractive.
Earnings coming up
Gates Industrial Corporation plc will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.300. We will update the financials statements for Gates Industrial Corporation plc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.96% in the first trading day after earnings release.
Is Gates Industrial Corporation plc stock A Buy?
Gates Industrial Corporation plc 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: 6.071 Strong Buy Candidate Upgraded
Predicted Opening Price for Gates Industrial Corporation plc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $17.74 ( 0.188%) | $17.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GTES
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.02 | 1.39 % | |
| R2 | 17.91 | 0.786 % | ||
| R1 | 17.84 | 0.414 % | ||
| Current price: | 17.77 | |||
| Support | S1 | 17.63 | -0.789 % | |
| S2 | 17.56 | -1.16 % | ||
| S3 | 17.46 | -1.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 17.77 | |||
| Support | S1 | 17.45 | -1.80% | |
| S2 | 17.35 | -2.36% | ||
| S3 | 17.12 | -3.66% |
FAQ
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