Neogen Corporation Stock Forecast
Neogen Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The Neogen Corporation stock price fell by -0.649% on the last day (Wednesday, 1st May 2024) from $12.33 to $12.25. During the last trading day the stock fluctuated 3.89% from a day low at $12.07 to a day high of $12.54. The price has been going up and down for this period, and there has been a 0.91% gain for the last 2 weeks. Volume has increased on the last day by 504 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, 2 million shares were bought and sold for approximately $23.85 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -29.57% during the next 3 months and, with a 90% probability hold a price between $7.65 and $9.59 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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NEOG Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.51%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Neogen 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 $12.25 and $13.68. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Neogen Corporation stock
Neogen Corporation finds support from accumulated volume at $12.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.470 between high and low, or 3.89%. For the last week, the stock has had daily average volatility of 3.73%.
Our recommended stop-loss: $11.77 (-3.90%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (NEOG) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Neogen Corporation to open at $12.29, and during the day (based on 14 day Average True Range), to move between $11.70 and $12.80, which gives a possible trading interval of +/-$0.550 (+/-4.49%) up or down from last closing price. If Neogen Corporation takes out the full calculated possible swing range there will be an estimated 8.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.14 (0.90%) than the resistance at $12.50 (2.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Neogen Corporation stock A Buy?
Neogen 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: -0.920 Hold/Accumulate Upgraded
Predicted Opening Price for Neogen Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $12.29 ( 0.299%) | $12.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEOG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.76 | 4.14 % | |
| R2 | 12.58 | 2.67 % | ||
| R1 | 12.47 | 1.76 % | ||
| Current price: | 12.25 | |||
| Support | S1 | 12.11 | -1.17 % | |
| S2 | 12.00 | -2.07 % | ||
| S3 | 11.82 | -3.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.04 | 6.45 % | |
| R2 | 13.00 | 6.12 % | ||
| R1 | 12.50 | 2.04 % | ||
| Current price | 12.25 | |||
| Support | S1 | 12.14 | -0.90% | |
| S2 | 12.01 | -1.96% | ||
| S3 | 11.93 | -2.61% |
FAQ
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