EchoStar Corporation Stock Forecast
Evaluation of EchoStar Corporation stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The EchoStar Corporation stock price gained 3.79% on the last trading day (Wednesday, 24th Apr 2024), rising from $15.30 to $15.88. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.01% from a day low at $15.06 to a day high of $15.97. The price has risen in 6 of the last 10 days and is up by 18.24% over the past 2 weeks. Volume fell on the last day by -398 thousand shares and in total, 999 thousand shares were bought and sold for approximately $15.87 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $16.02 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 8.05% during the next 3 months and, with a 90% probability hold a price between $13.97 and $17.31 at the end of this 3-month period.
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SATS Signals & Forecast
The EchoStar 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 $14.75 and $14.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 02, 2024, and so far it has risen 21.78%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for EchoStar Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $13.57 and $13.51. 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, EchoStar Corporation finds support just below today's level at $13.57. If this is broken, then the next support from accumulated volume will be at $13.51 and $13.22.
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 $0.90 between high and low, or 6.01%. For the last week, the stock has had daily average volatility of 5.94%.
The EchoStar Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $15.37 (-3.22%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (SATS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect EchoStar Corporation to open at $15.64, and during the day (based on 14 day Average True Range), to move between $15.11 and $16.65, which gives a possible trading interval of +/-$0.770 (+/-4.85%) up or down from last closing price. If EchoStar Corporation takes out the full calculated possible swing range there will be an estimated 9.69% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $13.57, some $2.31 (14.55%) from the current price of $15.88, our system finds the risk reward attractive.
Is EchoStar Corporation stock A Buy?
EchoStar 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 Strong 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 EchoStar Corporation of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $15.64 ( 1.54%) | $15.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SATS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.54 | 4.16 % | |
| R2 | 16.19 | 1.98 % | ||
| R1 | 15.98 | 0.634 % | ||
| Current price: | 15.88 | |||
| Support | S1 | 15.29 | -3.72 % | |
| S2 | 15.08 | -5.06 % | ||
| S3 | 14.73 | -7.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 15.88 | |||
| Support | S1 | 13.57 | -14.55% | |
| S2 | 13.51 | -14.92% | ||
| S3 | 13.22 | -16.75% |
FAQ
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