Garrett Motion Inc. Stock Forecast
Stronger technical forecast for Garrett Motion Inc. stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The Garrett Motion Inc. stock price gained 1.67% on the last trading day (Tuesday, 23rd Apr 2024), rising from $9.57 to $9.73. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.31% from a day low at $9.54 to a day high of $9.76. The price has fallen in 6 of the last 10 days and is down by -2.7% for this period. Volume fell on the last day by -65 thousand shares and in total, 524 thousand shares were bought and sold for approximately $5.10 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 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 12.75% during the next 3 months and, with a 90% probability hold a price between $10.39 and $11.69 at the end of this 3-month period.
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GTX Signals & Forecast
The Garrett Motion Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $9.37 and $9.66. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -2.99%. 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 Garrett Motion Inc. stock
Garrett Motion Inc. finds support from accumulated volume at $9.44 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 $0.220 between high and low, or 2.31%. For the last week, the stock has had daily average volatility of 1.94%.
Our recommended stop-loss: $9.37 (-3.70%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (GTX) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Garrett Motion Inc. to open at $9.68, and during the day (based on 14 day Average True Range), to move between $9.48 and $9.98, which gives a possible trading interval of +/-$0.248 (+/-2.55%) up or down from last closing price. If Garrett Motion Inc. takes out the full calculated possible swing range there will be an estimated 5.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.87 (1.44%) than the support at $9.44 (2.98%), 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.
Earnings coming up
Garrett Motion Inc. will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.220. We will update the financials statements for Garrett Motion Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.05% in the first trading day after earnings release.
Is Garrett Motion Inc. stock A Buy?
Garrett Motion Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.128 Hold/Accumulate Upgraded
Predicted Opening Price for Garrett Motion Inc. of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$9.68 ( 0.548%) | $9.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GTX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 9.90 | 1.71 % | |
R2 | 9.81 | 0.85 % | ||
R1 | 9.76 | 0.316 % | ||
Current price: | 9.73 | |||
Support | S1 | 9.59 | -1.41 % | |
S2 | 9.54 | -1.95 % | ||
S3 | 9.46 | -2.81 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.00 | 2.77 % | |
R2 | 9.94 | 2.16 % | ||
R1 | 9.87 | 1.44 % | ||
Current price | 9.73 | |||
Support | S1 | 9.44 | -2.98% | |
S2 | 9.39 | -3.49% | ||
S3 | 8.65 | -11.10% |
FAQ
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