Selective Insurance Group Stock Forecast

Selective Insurance Group stock price up 1.26% on Tuesday
(Updated on Apr 23, 2024)

SIGI Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 3.29%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Selective Insurance Group stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $103.83. On a fall, the stock will find some support from the short-term average at $101.90. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Monday, February 12, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Selective Insurance Group stock

Selective Insurance Group 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 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 $2.50 (2.44%) between high and low. For the last week, the stock has had daily average volatility of 1.64%.

Our recommended stop-loss: $98.47 (-5.05%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (SIGI) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Selective Insurance Group to open at $103.51, and during the day (based on 14 day Average True Range), to move between $101.83 and $105.57, which gives a possible trading interval of +/-$1.87 (+/-1.80%) up or down from last closing price. If Selective Insurance Group takes out the full calculated possible swing range there will be an estimated 3.60% 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 (0.85%) than the resistance at $104.86 (1.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Selective Insurance Group stock A Buy?

Selective Insurance Group 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.

Current score: 0.751 Hold/Accumulate Unchanged

Predicted Opening Price for Selective Insurance Group of Wednesday, April 24, 2024

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