Toro Corp. Stock Forecast
Toro Corp. stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 24, 2024)
The Toro Corp. stock price gained 0.645% on the last trading day (Friday, 24th May 2024), rising from $4.65 to $4.68. During the last trading day the stock fluctuated 0.86% from a day low at $4.65 to a day high of $4.69. The price has risen in 5 of the last 10 days and is up by 2.41% over the past 2 weeks. Volume fell on the last day by -11 thousand shares and in total, 10 thousand shares were bought and sold for approximately $45.21 thousand. 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.
Given the current short-term trend, the stock is expected to fall -28.30% during the next 3 months and, with a 90% probability hold a price between $2.24 and $3.36 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TORO Signals & Forecast
The Toro Corp. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $4.68. On a fall, the stock will find some support from the long-term average at approximately $4.43. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 24.14%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Toro Corp. stock
Toro Corp. finds support from accumulated volume at $4.50 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0399 between high and low, or 0.86%. For the last week the stock has had daily average volatility of 1.97%.
Our recommended stop-loss: $4.53 (-3.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 68 days ago.)
Trading Expectations (TORO) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Toro Corp. to open at $4.67, and during the day (based on 14 day Average True Range), to move between $4.50 and $4.86, which gives a possible trading interval of +/-$0.179 (+/-3.83%) up or down from last closing price. If Toro Corp. takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.72 (0.85%) than the support at $4.50 (3.85%), 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 Toro Corp. 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 Hold/Accumulate to a Buy candidate.
Current score: 1.072 Buy Candidate Upgraded
Predicted Opening Price for Toro Corp. of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $4.67 ( 0.143%) | $4.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TORO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.71 | 0.709 % | |
| R2 | 4.70 | 0.384 % | ||
| R1 | 4.69 | 0.183 % | ||
| Current price: | 4.68 | |||
| Support | S1 | 4.66 | -0.469 % | |
| S2 | 4.65 | -0.670 % | ||
| S3 | 4.63 | -1.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.61 | 19.87 % | |
| R2 | 5.51 | 17.74 % | ||
| R1 | 4.72 | 0.85 % | ||
| Current price | 4.68 | |||
| Support | S1 | 4.50 | -3.85% | |
| S2 | 4.08 | -12.82% | ||
| S3 | 3.77 | -19.44% |
FAQ
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