Gates Industrial Corporation plc Stock Forecast
Green day on Thursday for Gates Industrial Corporation plc stock after gaining 0.183%
(Updated on May 02, 2024)
The Gates Industrial Corporation plc stock price gained 0.183% on the last trading day (Thursday, 2nd May 2024), rising from $16.43 to $16.46. During the last trading day the stock fluctuated 3.88% from a day low at $16.10 to a day high of $16.73. The price has risen in 5 of the last 10 days but is still down by -4.19% for this period. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately $56.36 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.
Given the current short-term trend, the stock is expected to rise 37.14% during the next 3 months and, with a 90% probability hold a price between $22.57 and $26.11 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
GTES Signals & Forecast
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 Gates Industrial Corporation plc 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 $17.31 and $17.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -7.37%. Further fall is indicated until a new bottom pivot has been found. 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 $16.43 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 $0.625 between high and low, or 3.88%. For the last week the stock has had daily average volatility of 4.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GTES) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Gates Industrial Corporation plc to open at $16.43, and during the day (based on 14 day Average True Range), to move between $15.97 and $16.95, which gives a possible trading interval of +/-$0.487 (+/-2.96%) 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 5.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $16.43 (0.18%) than the resistance at $17.12 (4.01%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Gates Industrial Corporation plc stock A Buy?
The Gates Industrial Corporation plc stock holds several negative signals and despite the positive trend, we believe Gates Industrial Corporation plc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.885 Sell Candidate Unchanged
Predicted Opening Price for Gates Industrial Corporation plc of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $16.43 ( 0.192%) | $16.46 |
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 | 17.05 | 3.60 % | |
| R2 | 16.81 | 2.15 % | ||
| R1 | 16.67 | 1.26 % | ||
| Current price: | 16.46 | |||
| Support | S1 | 16.19 | -1.64 % | |
| S2 | 16.04 | -2.54 % | ||
| S3 | 15.80 | -3.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.45 | 6.01 % | |
| R2 | 17.35 | 5.41 % | ||
| R1 | 17.12 | 4.01 % | ||
| Current price | 16.46 | |||
| Support | S1 | 16.43 | -0.182% | |
| S2 | 12.77 | -22.42% | ||
| S3 | 12.53 | -23.88% |
FAQ
Click here for our free guide on how to buy Gates Industrial Corporation plc Stock.
