Optical Cable Corporation Stock Forecast

Big movements in Optical Cable Corporation stock price on Thursday moving 10.29% between high and low
(Updated on Apr 25, 2024)

OCC Signals & Forecast

The Optical Cable Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $2.79 and $2.88. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 10.70%. Further rise is indicated until a new top pivot has been found. Optical Cable Corporation 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. The very low volume increases the risk and reduces the other technical signals issued. 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). The stock had a Golden Star Signal on Monday, February 05, 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 Optical Cable Corporation stock

Optical Cable Corporation finds support from accumulated volume at $2.99 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 $0.280 (10.29%) between high and low. For the last week, the stock has had daily average volatility of 3.49%.

Our recommended stop-loss: $2.88 (-3.90%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (OCC) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Optical Cable Corporation to open at $2.91, and during the day (based on 14 day Average True Range), to move between $2.90 and $3.10, which gives a possible trading interval of +/-$0.0977 (+/-3.26%) up or down from last closing price. If Optical Cable Corporation takes out the full calculated possible swing range there will be an estimated 6.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.99 (0.33%) than the resistance at $3.21 (7.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Optical Cable Corporation 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 Optical Cable Corporation stock to perform well in the short-term.

Current score: 1.988 Buy Candidate Unchanged

Predicted Opening Price for Optical Cable Corporation of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.