Inseego Corp Stock Forecast
Big movements in Inseego Corp stock price on Thursday moving 20.13% between high and low
(Updated on Apr 25, 2024)
The Inseego Corp stock price gained 9.29% on the last trading day (Thursday, 25th Apr 2024), rising from $3.23 to $3.53. It has now gained 3 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 20.13% from a day low at $3.08 to a day high of $3.70. The price has risen in 6 of the last 10 days and is up by 42.91% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 34 thousand more shares were traded than the day before. In total, 109 thousand shares were bought and sold for approximately $386.07 thousand.
The stock lies in the upper part of a very wide and weak 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 $3.78 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 6.31% during the next 3 months and, with a 90% probability hold a price between $2.38 and $4.02 at the end of this 3-month period.
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INSG Signals & Forecast
Mostly positive signals in the chart today. The Inseego Corp 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 $2.94 and $2.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 68.90%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Inseego Corp has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Inseego Corp stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.04 and $3.00. 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, Inseego Corp finds support just below today's level at $3.04. If this is broken, then the next support from accumulated volume will be at $3.00 and $2.86.
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 $0.620 between high and low, or 20.13%. For the last week, the stock has had daily average volatility of 13.67%.
The Inseego Corp 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 and the RSI is still moving upwards. 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: $3.41 (-3.48%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 42 days ago.)
Trading Expectations (INSG) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Inseego Corp to open at $3.44, and during the day (based on 14 day Average True Range), to move between $3.26 and $3.80, which gives a possible trading interval of +/-$0.268 (+/-7.60%) up or down from last closing price. If Inseego Corp takes out the full calculated possible swing range there will be an estimated 15.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.61 (2.27%) than the support at $3.04 (13.88%), 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
Inseego Corp will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.450. We will update the financials statements for Inseego Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.04% in the first trading day after earnings release.
Is Inseego Corp stock A Buy?
Inseego Corp holds several positive signals and is within a weak 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: 7.511 Strong Buy Candidate Upgraded
Predicted Opening Price for Inseego Corp of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $3.44 ( 2.64%) | $3.53 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INSG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.06 | 14.92 % | |
| R2 | 3.82 | 8.21 % | ||
| R1 | 3.67 | 4.07 % | ||
| Current price: | 3.53 | |||
| Support | S1 | 3.20 | -9.35 % | |
| S2 | 3.05 | -13.50 % | ||
| S3 | 2.82 | -20.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 3.61 | 2.27 % | ||
| Current price | 3.53 | |||
| Support | S1 | 3.04 | -13.88% | |
| S2 | 3.00 | -15.01% | ||
| S3 | 2.86 | -18.98% |
FAQ
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