Karooooo Ltd. Stock Forecast
Stronger technical forecast for Karooooo Ltd. stock price after Thursday trading.
(Updated on May 02, 2024)
The Karooooo Ltd. stock price gained 1.19% on the last trading day (Thursday, 2nd May 2024), rising from $28.53 to $28.87. During the last trading day the stock fluctuated 6.35% from a day low at $27.27 to a day high of $29.00. The price has been going up and down for this period, and there has been a 6.57% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 8 thousand shares were bought and sold for approximately $223.11 thousand.
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 14.71% during the next 3 months and, with a 90% probability hold a price between $29.37 and $36.30 at the end of this 3-month period.
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KARO Signals & Forecast
The Karooooo Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $29.54. On a fall, the stock will find some support from the long-term average at approximately $26.74. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Karooooo Ltd. 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. 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, April 24, 2024, and so far it has fallen -7.62%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Karooooo Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $25.76 and $25.00. 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, Karooooo Ltd. finds support just below today's level at $25.76. If this is broken, then the next support from accumulated volume will be at $25.00 and $23.52.
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 $1.73 between high and low, or 6.35%. For the last week, the stock has had daily average volatility of 3.68%.
Our recommended stop-loss: $27.21 (-5.74%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (KARO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Karooooo Ltd. to open at $28.38, and during the day (based on 14 day Average True Range), to move between $27.67 and $30.07, which gives a possible trading interval of +/-$1.20 (+/-4.17%) up or down from last closing price. If Karooooo Ltd. takes out the full calculated possible swing range there will be an estimated 8.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.51 (2.22%) than the support at $25.76 (10.77%), 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 Karooooo Ltd. 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 Karooooo Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.270 Buy Candidate Upgraded
Predicted Opening Price for Karooooo Ltd. of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$28.38 ( 1.70%) | $28.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KARO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 30.11 | 4.30 % | |
R2 | 29.45 | 2.01 % | ||
R1 | 29.04 | 0.592 % | ||
Current price: | 28.87 | |||
Support | S1 | 27.72 | -3.99 % | |
S2 | 27.31 | -5.40 % | ||
S3 | 26.65 | -7.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 31.25 | 8.24 % | |
R2 | 29.78 | 3.15 % | ||
R1 | 29.51 | 2.22 % | ||
Current price | 28.87 | |||
Support | S1 | 25.76 | -10.77% | |
S2 | 25.00 | -13.40% | ||
S3 | 23.52 | -18.53% |
KARO Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 08, 2023 | Jun 22, 2023 | Jul 03, 2023 | $0.85 | 3.68% |
2 | Aug 19, 2022 | Sep 01, 2022 | Sep 12, 2022 | $0.600 | 2.34% |
FAQ
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