The Pennant Group, Inc. Stock Forecast
The Pennant Group, Inc. stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 2024)
The The Pennant Group, Inc. stock price gained 4.62% on the last trading day (Tuesday, 2nd Jul 2024), rising from $23.40 to $24.48. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 4.64% from a day low at $23.41 to a day high of $24.50. The price has risen in 7 of the last 10 days and is up by 7.13% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 51 thousand more shares were traded than the day before. In total, 185 thousand shares were bought and sold for approximately $4.54 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 16.48% during the next 3 months and, with a 90% probability hold a price between $26.21 and $29.51 at the end of this 3-month period.
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PNTG Signals & Forecast
The The Pennant Group, Inc. 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 $23.06 and $23.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 11.07%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for The Pennant Group, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $23.19 and $22.21. 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, The Pennant Group, Inc. finds support just below today's level at $23.19. If this is broken, then the next support from accumulated volume will be at $22.21 and $20.91.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.09 between high and low, or 4.64%. For the last week the stock has had daily average volatility of 2.68%.
Since the The Pennant Group, Inc. has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $23.31 (-4.79%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (PNTG) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect The Pennant Group, Inc. to open at $24.13, and during the day (based on 14 day Average True Range), to move between $23.80 and $25.16, which gives a possible trading interval of +/-$0.678 (+/-2.77%) up or down from last closing price. If The Pennant Group, Inc. takes out the full calculated possible swing range there will be an estimated 5.54% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $23.19, some $1.29 (5.27%) from the current price of $24.48, our system finds the risk reward attractive.
Is The Pennant Group, Inc. stock A Buy?
The Pennant Group, Inc. 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 The Pennant Group, Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $24.13 ( 1.43%) | $24.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PNTG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.22 | 3.01% |
| R2 | 24.80 | 1.32% |
| R1 | 24.55 | 0.271% |
| Price | 24.48 | |
| S1 | 23.72 | -3.12% |
| S2 | 23.46 | -4.17% |
| S3 | 23.04 | -5.87% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 24.48 | |
| S1 | 23.19 | -5.27% |
| S2 | 22.21 | -9.27% |
| S3 | 20.91 | -14.58% |
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