Shake Shack Inc Stock Forecast
Stronger technical forecast for Shake Shack Inc stock price after Wednesday trading.
(Updated on May 01, 2024)
The Shake Shack Inc stock price fell by -2.32% on the last day (Wednesday, 1st May 2024) from $105.85 to $103.39. During the last trading day the stock fluctuated 3.57% from a day low at $102.47 to a day high of $106.13. The price has risen in 7 of the last 10 days and is up by 8.93% over the past 2 weeks. Volume has increased on the last day by 382 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $107.33 million.
The stock lies in the middle of a very 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 16.89% during the next 3 months and, with a 90% probability hold a price between $106.08 and $136.46 at the end of this 3-month period.
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SHAK Signals & Forecast
The Shake Shack 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 $102.98 and $101.87. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -5.38%. 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 Shake Shack Inc stock
Shake Shack Inc finds support from accumulated volume at $102.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $3.66 between high and low, or 3.57%. For the last week, the stock has had daily average volatility of 3.51%.
Our recommended stop-loss: $99.72 (-3.55%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (SHAK) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Shake Shack Inc to open at $104.00, and during the day (based on 14 day Average True Range), to move between $99.99 and $106.79, which gives a possible trading interval of +/-$3.40 (+/-3.29%) up or down from last closing price. If Shake Shack Inc takes out the full calculated possible swing range there will be an estimated 6.59% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $102.82 (0.55%) than the resistance at $104.44 (1.02%), 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
Shake Shack Inc will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.100. We will update the financials statements for Shake Shack Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.75% in the first trading day after earnings release.
Is Shake Shack Inc 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 Shake Shack Inc 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: 3.632 Buy Candidate Upgraded
Predicted Opening Price for Shake Shack Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $104.00 ( 0.587%) | $103.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHAK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 107.66 | 4.13 % | |
| R2 | 106.26 | 2.77 % | ||
| R1 | 105.39 | 1.94 % | ||
| Current price: | 103.39 | |||
| Support | S1 | 102.60 | -0.766 % | |
| S2 | 101.73 | -1.60 % | ||
| S3 | 100.34 | -2.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 108.60 | 5.04 % | |
| R2 | 106.32 | 2.83 % | ||
| R1 | 104.44 | 1.02 % | ||
| Current price | 103.39 | |||
| Support | S1 | 102.82 | -0.551% | |
| S2 | 98.40 | -4.83% | ||
| S3 | 98.29 | -4.93% |
FAQ
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