Granite Construction Incorporated Stock Forecast
Granite Construction Incorporated stock downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Mar 28, 2024)
The Granite Construction Incorporated stock price fell by -0.401% on the last day (Thursday, 28th Mar 2024) from $57.36 to $57.13. During the last trading day the stock fluctuated 1.86% from a day low at $56.57 to a day high of $57.62. The price has risen in 5 of the last 10 days and is up by 4.94% over the past 2 weeks. Volume has increased on the last day by 114 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 389 thousand shares were bought and sold for approximately $22.23 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $57.52 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 20.96% during the next 3 months and, with a 90% probability hold a price between $60.91 and $69.58 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.
GVA Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -0.401%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Granite Construction Incorporated 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 $55.92 and $52.24. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Granite Construction Incorporated stock
On the downside, the stock finds support just below today's level from accumulated volume at $50.17 and $46.99. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Granite Construction Incorporated finds support just below today's level at $50.17. If this is broken, then the next support from accumulated volume will be at $46.99 and $45.07.
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 $1.05 between high and low, or 1.86%. For the last week, the stock has had daily average volatility of 2.19%.
The Granite Construction Incorporated stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $55.67 (-2.55%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (GVA) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Granite Construction Incorporated to open at $57.11, and during the day (based on 14 day Average True Range), to move between $55.88 and $58.38, which gives a possible trading interval of +/-$1.25 (+/-2.20%) up or down from last closing price. If Granite Construction Incorporated takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $57.36 (0.40%) than the support at $50.17 (12.18%), 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 Granite Construction Incorporated stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Granite Construction Incorporated stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.129 Buy Candidate Downgraded
Predicted Opening Price for Granite Construction Incorporated of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$57.11 ( 0.0408%) | $57.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GVA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 58.16 | 1.80 % | |
R2 | 57.76 | 1.09 % | ||
R1 | 57.51 | 0.661 % | ||
Current price: | 57.13 | |||
Support | S1 | 56.71 | -0.743 % | |
S2 | 56.46 | -1.18 % | ||
S3 | 56.06 | -1.88 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 57.36 | 0.403 % | ||
Current price | 57.13 | |||
Support | S1 | 50.17 | -12.18% | |
S2 | 46.99 | -17.75% | ||
S3 | 45.07 | -21.11% |
GVA Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 12, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0.130 | 0.228% |
2 | Dec 13, 2023 | Dec 28, 2023 | Jan 12, 2024 | $0.130 | 0.277% |
3 | Sep 13, 2023 | Sep 28, 2023 | Oct 13, 2023 | $0.130 | 0.357% |
4 | Jun 08, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.130 | 0.320% |
5 | Mar 24, 2023 | Mar 30, 2023 | Apr 14, 2023 | $0.130 | 0.337% |
FAQ
Click here for our free guide on how to buy Granite Construction Incorporated Stock.