New Oriental Stock Forecast
New Oriental stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The New Oriental stock price gained 1.92% on the last trading day (Tuesday, 23rd Apr 2024), rising from $87.90 to $89.59. During the last trading day the stock fluctuated 2.49% from a day low at $88.83 to a day high of $91.04. The price has been going up and down for this period, and there has been a 5.65% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 232 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $115.68 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.81% during the next 3 months and, with a 90% probability hold a price between $86.12 and $105.16 at the end of this 3-month period.
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EDU Signals & Forecast
The New Oriental stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $86.42 and $89.03. 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 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. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -6.98%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for New Oriental stock
New Oriental finds support from accumulated volume at $86.72 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 $2.22 between high and low, or 2.49%. For the last week the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: $84.30 (-5.90%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 35 days ago.)
Trading Expectations (EDU) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect New Oriental Education & Technology Group Inc to open at $89.82, and during the day (based on 14 day Average True Range), to move between $86.77 and $92.41, which gives a possible trading interval of +/-$2.82 (+/-3.14%) up or down from last closing price. If New Oriental Education & Technology Group Inc takes out the full calculated possible swing range there will be an estimated 6.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $90.17 (0.65%) than the support at $86.72 (3.20%), 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.
Earnings coming up
New Oriental will release earnings BMO on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.740. We will update the financials statements for New Oriental, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.11% in the first trading day after earnings release.
Is New Oriental Education & Technology Group 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 New Oriental 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.
Current score: 1.772 Buy Candidate Upgraded
Predicted Opening Price for New Oriental Education & Technology Group Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $89.82 ( 0.255%) | $89.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EDU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 92.03 | 2.73 % | |
| R2 | 91.19 | 1.78 % | ||
| R1 | 90.66 | 1.20 % | ||
| Current price: | 89.59 | |||
| Support | S1 | 88.97 | -0.690 % | |
| S2 | 88.45 | -1.27 % | ||
| S3 | 87.60 | -2.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 95.13 | 6.18 % | |
| R2 | 90.47 | 0.98 % | ||
| R1 | 90.17 | 0.647 % | ||
| Current price | 89.59 | |||
| Support | S1 | 86.72 | -3.20% | |
| S2 | 81.05 | -9.53% | ||
| S3 | 76.16 | -14.99% |
EDU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 25, 2017 | Sep 01, 2017 | Oct 06, 2017 | $0.450 | 0.491% |
| 2 | Jul 21, 2015 | Sep 02, 2015 | Oct 07, 2015 | $0.400 | 1.85% |
| 3 | Jul 23, 2013 | Sep 04, 2013 | Oct 07, 2013 | $0.350 | 1.39% |
| 4 | Apr 17, 2012 | Aug 29, 2012 | Sep 29, 2012 | $0.300 | 1.80% |
FAQ
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