GNK.L Forecast and Technical Stock Analysis
Buy candidate since 2019-07-12 Gain 5.42%
Genco Shipping & Trading Ltd gained 1.38% in the last trading day ( Friday, 19th Jul 2019 ), rising from £6.52 to £6.61 , and has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 1.38% from a day low at £6.54 to a day high of £6.63. The price has risen in 7 of the last 10 days and is up by 6.61% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.17 million more shares were traded than the day before. In total, 1.64 million shares bought and sold for approximately £10.83 million.
- 30 day high of the GNK.L stock price was £6.67 and low was £5.76.
- 90 day high was £7.06 and low was £5.76.
- 52 week high for Genco Shipping & Trading Ltd - £626.40 and low - £4.67.
Genco Shipping & Trading Ltd lies the upper part of a wide and falling trend in the short term, and this will 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 £6.82 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.40% during the next 3 months and, with 90% probability hold a price between £5.54 and £6.58 at the end of this period.
Only positive signals in the chart today. Genco Shipping & Trading Ltd holds buy signals from both short- and long-term moving averages. In addition, 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 £6.41 and £6.24. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday July 10, 2019, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSImin/max Values: [ 20 - 85 ]
RSI14 is 76 and the stock is currently not being overbought or oversold
* Stockinvest.us uses dynamical calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behaviour.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £6.18 and £6.12.
There is 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, Genco Shipping & Trading Ltd finds support just below today's level at £6.18. If this is broken, then the next support from accumulated volume will be at £6.12 and £6.00.
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 £0.09 (1.38%) between high and low. For the last week, the stock has had daily average volatility of 2.35%.
Since the Genco Shipping & Trading Ltd has been rising for 8 days in a row, the risk for the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: £6.35 (-3.93%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from pivot bottom found 7 days ago.)
2.35 %Average volatility
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