Argan Inc Stock Forecast
Argan Inc stock price ended at $60.99 on Thursday, after gaining 1.57%.
(Updated on Apr 18, 2024)
The Argan Inc stock price gained 1.57% on the last trading day (Thursday, 18th Apr 2024), rising from $60.05 to $60.99. During the last trading day the stock fluctuated 1.94% from a day low at $59.89 to a day high of $61.05. The price has fallen in 6 of the last 10 days but is still up by 21.32% over the past 2 weeks. Volume fell on the last day by -33 thousand shares and in total, 94 thousand shares were bought and sold for approximately $5.74 million. 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.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $61.59 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 23.11% during the next 3 months and, with a 90% probability hold a price between $61.90 and $75.82 at the end of this 3-month period.
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AGX Signals & Forecast
The Argan 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 $57.20 and $50.95. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Tuesday, April 16, 2024, and so far it has fallen -0.376%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Argan Inc stock
Argan Inc finds support from accumulated volume at $59.77 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.16 between high and low, or 1.94%. For the last week, the stock has had daily average volatility of 5.86%.
The Argan Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $59.11 (-3.08%) (This stock has high daily movements and this gives high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (AGX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Argan Inc to open at $60.64, and during the day (based on 14 day Average True Range), to move between $58.97 and $63.01, which gives a possible trading interval of +/-$2.02 (+/-3.31%) up or down from last closing price. If Argan Inc takes out the full calculated possible swing range there will be an estimated 6.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.22 (0.38%) than the support at $59.77 (2.00%), 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 Argan 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 Argan Inc stock to perform well in the short-term.
Current score: 2.348 Buy Candidate Unchanged
Predicted Opening Price for Argan Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $60.64 ( 0.568%) | $60.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AGX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.80 | 1.33 % | |
| R2 | 61.36 | 0.607 % | ||
| R1 | 61.09 | 0.158 % | ||
| Current price: | 60.99 | |||
| Support | S1 | 60.20 | -1.29 % | |
| S2 | 59.93 | -1.74 % | ||
| S3 | 59.48 | -2.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 61.22 | 0.377 % | ||
| Current price | 60.99 | |||
| Support | S1 | 59.77 | -2.00% | |
| S2 | 59.46 | -2.51% | ||
| S3 | 46.86 | -23.17% |
AGX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 10, 2024 | Apr 19, 2024 | Apr 30, 2024 | $0.300 | 0.492% |
| 2 | Dec 14, 2023 | Jan 22, 2024 | Jan 31, 2024 | $0.300 | 0.677% |
| 3 | Sep 19, 2023 | Oct 20, 2023 | Oct 31, 2023 | $0.300 | 0.656% |
| 4 | Jun 20, 2023 | Jul 20, 2023 | Jul 31, 2023 | $0.250 | 0.657% |
| 5 | Apr 12, 2023 | Apr 19, 2023 | Apr 28, 2023 | $0.250 | 0.621% |
FAQ
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