ITT Corporation Stock Forecast
ITT Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 03, 2024)
The ITT Corporation stock price gained 3.07% on the last trading day (Friday, 3rd May 2024), rising from $124.49 to $128.31. During the last trading day the stock fluctuated 1.97% from a day low at $126.40 to a day high of $128.90. The price has risen in 6 of the last 10 days and is up by 2.68% over the past 2 weeks. Volume fell on the last day by -616 thousand shares and in total, 526 thousand shares were bought and sold for approximately $67.51 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 weak 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 5.41% during the next 3 months and, with a 90% probability hold a price between $131.35 and $147.80 at the end of this 3-month period.
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ITT Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 3.07%. 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). 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 ITT Corporation 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 $129.34 and $130.34. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for ITT Corporation stock
ITT Corporation finds support from accumulated volume at $125.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.50 (1.97%) between high and low. For the last week, the stock has had daily average volatility of 2.66%.
Our recommended stop-loss: $122.77 (-4.31%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (ITT) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ITT Corporation to open at $127.87, and during the day (based on 14 day Average True Range), to move between $125.21 and $131.41, which gives a possible trading interval of +/-$3.10 (+/-2.42%) up or down from last closing price. If ITT Corporation takes out the full calculated possible swing range there will be an estimated 4.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $129.28 (0.76%) than the support at $125.75 (2.00%), 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 ITT Corporation stock A Buy?
ITT Corporation 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: -0.431 Hold/Accumulate Upgraded
Predicted Opening Price for ITT Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $127.87 ( 0.344%) | $128.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ITT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 130.36 | 1.60 % | |
| R2 | 129.41 | 0.86 % | ||
| R1 | 128.82 | 0.399 % | ||
| Current price: | 128.31 | |||
| Support | S1 | 126.92 | -1.09 % | |
| S2 | 126.33 | -1.55 % | ||
| S3 | 125.37 | -2.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 137.08 | 6.84 % | |
| R2 | 130.18 | 1.46 % | ||
| R1 | 129.28 | 0.756 % | ||
| Current price | 128.31 | |||
| Support | S1 | 125.75 | -2.00% | |
| S2 | 124.49 | -2.98% | ||
| S3 | 119.84 | -6.60% |
ITT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 08, 2024 | Mar 07, 2024 | Apr 01, 2024 | $0.319 | 0.238% |
| 2 | Oct 31, 2023 | Nov 30, 2023 | Dec 29, 2023 | $0.290 | 0.243% |
| 3 | Aug 01, 2023 | Aug 31, 2023 | Oct 02, 2023 | $0.290 | 0.300% |
| 4 | May 10, 2023 | Jun 08, 2023 | Jul 03, 2023 | $0.290 | 0.313% |
| 5 | Feb 09, 2023 | Mar 08, 2023 | Apr 03, 2023 | $0.290 | 0.337% |
FAQ
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