Encore Wire Corporation Stock Forecast

Encore Wire Corporation stock price ended at $289.84 on Tuesday, after losing 0%.
(Updated on Jul 02, 2024)

WIRE Signals & Forecast

The Encore Wire 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 $289.73 and $286.17. A breakdown below any of these levels will issue sell signals. 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 Monday, July 01, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Encore Wire Corporation stock

Encore Wire Corporation finds support from accumulated volume at $289.83 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0.0535%

The Encore Wire Corporation stock is extremely overbought on RSI14 (87). This increases the short-term risk substantially.

Our recommended stop-loss: $280.39 (-3.26%) (This stock has low daily movements and this gives low risk. The RSI14 is 87 and this increases the risk substantially. There is a sell signal from a pivot top found 54 days ago.)

Trading Expectations (WIRE) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Encore Wire Corporation to open at $289.84, and during the day (based on 14 day Average True Range), to move between $288.83 and $290.85, which gives a possible trading interval of +/-$1.01 (+/-0.35%) up or down from last closing price. If Encore Wire Corporation takes out the full calculated possible swing range there will be an estimated 0.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $289.83 (0.00%) than the resistance at $291.23 (0.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Encore Wire Corporation 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 Encore Wire Corporation stock to perform well in the short-term.

Current score: 1.976 Buy Candidate Unchanged

Predicted Opening Price for Encore Wire Corporation of Wednesday, July 3, 2024

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