Espey Manufacturing & Electronics Corp Stock Forecast

Espey Manufacturing & Electronics Corp stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 08, 2024)

ESP.L Signals & Forecast

The Espey Manufacturing & Electronics Corp 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 £92.44 and £92.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 7.49%. 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). 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.

Support, Risk & Stop-loss for Espey Manufacturing & Electronics Corp stock

Espey Manufacturing & Electronics Corp finds support from accumulated volume at £94.00 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 £1.67 between high and low, or 1.79%. For the last week the stock has had daily average volatility of 2.36%.

Since the Espey Manufacturing & Electronics Corp has been rising for 9 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: £90.99 (-3.92%) (This stock has low daily movements and this gives low risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (ESP.L) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Espey Manufacturing & Electronics Corp to open at £94.32, and during the day (based on 14 day Average True Range), to move between £92.86 and £96.54, which gives a possible trading interval of +/-£1.84 (+/-1.94%) up or down from last closing price. If Espey Manufacturing & Electronics Corp takes out the full calculated possible swing range there will be an estimated 3.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £95.00 (0.32%) than the support at £94.00 (0.74%), 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 Espey Manufacturing & Electronics Corp stock A Buy?

Espey Manufacturing & Electronics Corp holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.448 Hold/Accumulate Downgraded

Predicted Opening Price for Espey Manufacturing & Electronics Corp of Thursday, May 9, 2024

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