Pro-Dex Stock Forecast
Pro-Dex stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The Pro-Dex stock price gained 1.19% on the last trading day (Friday, 26th Apr 2024), rising from $18.46 to $18.68. During the last trading day the stock fluctuated 4.28% from a day low at $18.20 to a day high of $18.98. The price has been going up and down for this period, and there has been a 3.55% 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, 752 more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately $119.48 thousand.
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 -7.94% during the next 3 months and, with a 90% probability hold a price between $14.07 and $19.09 at the end of this 3-month period.
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PDEX Signals & Forecast
The Pro-Dex 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 $18.67 and $17.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 27, 2024, and so far it has risen 13.21%. Further rise is indicated until a new top pivot has been found. Pro-Dex 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. Higher liquidity also reduces the general risk. 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 Pro-Dex stock
Pro-Dex finds support from accumulated volume at $18.59 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 $0.780 (4.28%) between high and low. For the last week, the stock has had daily average volatility of 3.80%.
Our recommended stop-loss: $17.96 (-3.88%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 42 days ago.)
Trading Expectations (PDEX) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Pro-Dex to open at $18.62, and during the day (based on 14 day Average True Range), to move between $18.04 and $19.32, which gives a possible trading interval of +/-$0.640 (+/-3.43%) up or down from last closing price. If Pro-Dex takes out the full calculated possible swing range there will be an estimated 6.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $18.59 (0.48%) than the resistance at $20.75 (11.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Pro-Dex will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.350. We will update the financials statements for Pro-Dex, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.66% in the first trading day after earnings release.
Is Pro-Dex stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.785 Buy Candidate Upgraded
Predicted Opening Price for Pro-Dex of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$18.62 ( 0.321%) | $18.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PDEX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 19.40 | 3.85 % | |
R2 | 19.10 | 2.26 % | ||
R1 | 18.92 | 1.27 % | ||
Current price: | 18.68 | |||
Support | S1 | 18.32 | -1.92 % | |
S2 | 18.14 | -2.90 % | ||
S3 | 17.84 | -4.50 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 22.50 | 20.45 % | |
R2 | 21.44 | 14.78 % | ||
R1 | 20.75 | 11.08 % | ||
Current price | 18.68 | |||
Support | S1 | 18.59 | -0.482% | |
S2 | 18.34 | -1.85% | ||
S3 | 17.75 | -4.98% |
FAQ
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