Ingevity Corporation Stock Forecast
A very strong day for Ingevity Corporation stock price on Monday
(Updated on Apr 29, 2024)
The Ingevity Corporation stock price gained 5.03% on the last trading day (Monday, 29th Apr 2024), rising from $48.51 to $50.95. During the last trading day the stock fluctuated 5.58% from a day low at $48.76 to a day high of $51.48. The price has been going up and down for this period, and there has been a 13.4% 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, 166 thousand more shares were traded than the day before. In total, 270 thousand shares were bought and sold for approximately $13.74 million.
The stock lies in the upper part of a 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 $50.95 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.72% during the next 3 months and, with a 90% probability hold a price between $46.32 and $53.86 at the end of this 3-month period.
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NGVT Signals & Forecast
The Ingevity Corporation 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 $48.11 and $46.59. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 17.13%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Ingevity Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $47.87 and $47.40. 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, Ingevity Corporation finds support just below today's level at $47.87. If this is broken, then the next support from accumulated volume will be at $47.40 and $45.27.
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 $2.72 between high and low, or 5.58%. For the last week, the stock has had daily average volatility of 2.82%.
Our recommended stop-loss: $48.97 (-3.88%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (NGVT) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect Ingevity Corporation to open at $50.40, and during the day (based on 14 day Average True Range), to move between $49.27 and $52.63, which gives a possible trading interval of +/-$1.68 (+/-3.30%) up or down from last closing price. If Ingevity Corporation takes out the full calculated possible swing range there will be an estimated 6.60% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $47.87, some $3.08 (6.05%) from the current price of $50.95, our system finds the risk reward attractive.
Earnings coming up
Ingevity Corporation will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0700. We will update the financials statements for Ingevity Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.56% in the first trading day after earnings release.
Is Ingevity Corporation stock A Buy?
Ingevity Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Ingevity Corporation of Tuesday, April 30, 2024
| Fair opening price April 30, 2024 | Current price |
|---|---|
| $50.40 ( 1.09%) | $50.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGVT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.12 | 4.25 % | |
| R2 | 52.08 | 2.21 % | ||
| R1 | 51.44 | 0.95 % | ||
| Current price: | 50.95 | |||
| Support | S1 | 49.36 | -3.13 % | |
| S2 | 48.72 | -4.39 % | ||
| S3 | 47.68 | -6.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 50.95 | |||
| Support | S1 | 47.87 | -6.05% | |
| S2 | 47.40 | -6.97% | ||
| S3 | 45.27 | -11.15% |
FAQ
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