Selective Insurance Group Stock Forecast

Selective Insurance Group stock upgraded to Buy Candidate.
(Updated on Sep 13, 2024)

SIGI Signals & Forecast

The Selective Insurance Group 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 $89.46 and $88.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 19, 2024, and so far it has risen 10.81%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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

Selective Insurance Group finds support from accumulated volume at $88.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $1.92 between high and low, or 2.14%. For the last week the stock has had daily average volatility of 2.05%.

Our recommended stop-loss: $87.40 (-3.90%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 41 days ago.)

Trading Expectations (SIGI) For The Upcoming Trading Day Of Monday 16th

For the upcoming trading day on Monday, 16th we expect Selective Insurance Group to open at $90.74, and during the day (based on 14 day Average True Range), to move between $89.15 and $92.75, which gives a possible trading interval of +/-$1.80 (+/-1.97%) up or down from last closing price. If Selective Insurance Group takes out the full calculated possible swing range there will be an estimated 3.95% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $90.98 (0.03%) than the support at $88.85 (2.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Selective Insurance Group 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 Sell to a Buy candidate.

Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.

Current score: 2.203 Buy Candidate Upgraded

Predicted Opening Price for Selective Insurance Group of Monday, September 16, 2024

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