Open Text Corporation Stock Forecast

Open Text Corporation stock price fell more than -14.75% Friday closing at $41.38
(Updated on May 03, 2024)

OTEX.TO Signals & Forecast

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 Open Text 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 $47.62 and $50.11. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -23.51%. Further fall is indicated until a new bottom pivot has been found. 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 Open Text Corporation stock

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $3.39 (8.82%) between high and low. For the last week, the stock has had daily average volatility of 3.32%.

Open Text Corporation is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (OTEX.TO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Open Text Corporation to open at $40.56, and during the day (based on 14 day Average True Range), to move between $39.77 and $42.99, which gives a possible trading interval of +/-$1.61 (+/-3.89%) up or down from last closing price. If Open Text Corporation takes out the full calculated possible swing range there will be an estimated 7.79% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $48.61, some $7.23 (17.47%) from the current price of $41.38, our system finds the risk reward not very attractive.

Is Open Text Corporation stock A Buy?

Open Text Corporation holds several negative signals and is within a wide and falling trend, so we believe 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 Sell to a Strong Sell candidate.

Current score: -5.099 Strong Sell Candidate Downgraded

Predicted Opening Price for Open Text Corporation of Monday, May 6, 2024

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