Forum Energy Technologies Inc Stock Forecast
Red day on Wednesday for Forum Energy Technologies Inc
(Updated on Apr 24, 2024)
The Forum Energy Technologies Inc stock price fell by -0.256% on the last day (Wednesday, 24th Apr 2024) from $19.50 to $19.45. During the last trading day the stock fluctuated 2.46% from a day low at $19.08 to a day high of $19.55. The price has fallen in 7 of the last 10 days and is down by -2.8% for this period. Volume has increased on the last day by 6 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 25 thousand shares were bought and sold for approximately $484.31 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Forum Energy Technologies Inc stock with a 90% probability to be traded between $17.47 and $20.06 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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FET Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.05%. 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). Forum Energy Technologies Inc gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The Forum Energy Technologies 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 $19.37 and $19.21. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Forum Energy Technologies Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $18.25 and $18.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Forum Energy Technologies Inc finds support just below today's level at $18.25. If this is broken, then the next support from accumulated volume will be at $18.20 and $17.99.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.470 (2.46%) between high and low. For the last week, the stock has had daily average volatility of 2.83%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FET) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Forum Energy Technologies Inc to open at $19.36, and during the day (based on 14 day Average True Range), to move between $18.82 and $20.08, which gives a possible trading interval of +/-$0.630 (+/-3.24%) up or down from last closing price. If Forum Energy Technologies Inc takes out the full calculated possible swing range there will be an estimated 6.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.50 (0.26%) than the support at $18.25 (6.17%), 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
Forum Energy Technologies Inc will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.81. We will update the financials statements for Forum Energy Technologies Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.80% in the first trading day after earnings release.
Is Forum Energy Technologies Inc stock A Buy?
Forum Energy Technologies Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.055 Sell Candidate Unchanged
Predicted Opening Price for Forum Energy Technologies Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $19.36 ( 0.463%) | $19.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FET
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.83 | 1.95 % | |
| R2 | 19.65 | 1.03 % | ||
| R1 | 19.54 | 0.460 % | ||
| Current price: | 19.45 | |||
| Support | S1 | 19.18 | -1.39 % | |
| S2 | 19.07 | -1.96 % | ||
| S3 | 18.89 | -2.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.78 | 1.70 % | |
| R2 | 19.55 | 0.514 % | ||
| R1 | 19.50 | 0.257 % | ||
| Current price | 19.45 | |||
| Support | S1 | 18.25 | -6.17% | |
| S2 | 18.20 | -6.43% | ||
| S3 | 17.99 | -7.51% |
FAQ
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