Knight Transportation Inc Stock Forecast
Knight Transportation Inc stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Knight Transportation Inc stock price fell by -0.778% on the last day (Tuesday, 2nd Jul 2024) from $50.16 to $49.77. During the last trading day the stock fluctuated 1.94% from a day low at $49.60 to a day high of $50.56. The price has risen in 6 of the last 10 days and is up by 5.94% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -303 thousand shares and in total, 2 million shares were bought and sold for approximately $83.43 million.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $49.04, a level that may pose a second chance to hit a runner. According to fan-theory $53.86 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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KNX Signals & Forecast
The Knight Transportation Inc 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 $49.21 and $48.32. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, May 16, 2024, and so far it has fallen -1.43%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Friday, June 07, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Friday, June 07, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Knight Transportation Inc stock
Knight Transportation Inc finds support from accumulated volume at $48.53 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 $0.96 (1.94%) between high and low. For the last week, the stock has had daily average volatility of 2.08%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KNX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Knight Transportation Inc to open at $49.98, and during the day (based on 14 day Average True Range), to move between $48.53 and $51.01, which gives a possible trading interval of +/-$1.24 (+/-2.49%) up or down from last closing price. If Knight Transportation Inc takes out the full calculated possible swing range there will be an estimated 4.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $49.85 (0.16%) than the support at $48.53 (2.49%), 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 Knight Transportation Inc stock A Buy?
Knight Transportation Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.403 Sell Candidate Downgraded
Predicted Opening Price for Knight Transportation Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $49.98 ( 0.415%) | $49.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KNX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.94 | 2.34% |
| R2 | 50.57 | 1.61% |
| R1 | 50.34 | 1.15% |
| Price | 49.77 | |
| S1 | 49.61 | -0.322% |
| S2 | 49.38 | -0.777% |
| S3 | 49.02 | -1.51% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.49 | 1.45% |
| R2 | 50.01 | 0.482% |
| R1 | 49.85 | 0.161% |
| Price | 49.77 | |
| S1 | 48.53 | -2.49% |
| S2 | 47.88 | -3.80% |
| S3 | 46.89 | -5.79% |
KNX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 01, 2024 | Jun 10, 2024 | Jun 24, 2024 | $0.160 | 0.327% |
| 2 | May 01, 2024 | Jun 07, 2024 | Jun 24, 2024 | $0.160 | 0.327% |
| 3 | Feb 02, 2024 | Mar 07, 2024 | Mar 25, 2024 | $0.160 | 0.307% |
| 4 | Nov 13, 2023 | Dec 07, 2023 | Dec 22, 2023 | $0.140 | 0.238% |
| 5 | Jul 27, 2023 | Sep 07, 2023 | Sep 25, 2023 | $0.140 | 0.275% |
FAQ
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