Granite Construction Incorporated Stock Forecast

Granite Construction Incorporated stock upgraded to Hold/Accumulate.
(Updated on Apr 19, 2024)

GVA Signals & Forecast

There are few to no technical positive signals at the moment. The Granite Construction Incorporated stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $54.40 and $54.77. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -6.83%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Granite Construction Incorporated stock

On the downside, the stock finds support just below today's level from accumulated volume at $50.17 and $49.51. 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, Granite Construction Incorporated finds support just below today's level at $50.17. If this is broken, then the next support from accumulated volume will be at $49.51 and $45.07.

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 $1.25 (2.36%) between high and low. For the last week, the stock has had daily average volatility of 2.89%.

Granite Construction Incorporated is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $50.66 (-5.21%) (This stock has low daily movements and this gives low risk. Low RSI14 is 17 which reduces the risk some. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (GVA) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Granite Construction Incorporated to open at $53.57, and during the day (based on 14 day Average True Range), to move between $52.13 and $54.75, which gives a possible trading interval of +/-$1.31 (+/-2.46%) up or down from last closing price. If Granite Construction Incorporated takes out the full calculated possible swing range there will be an estimated 4.92% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $54.44 (1.87%) than the support at $50.17 (6.12%), 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 Granite Construction Incorporated stock A Buy?

Granite Construction Incorporated holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.215 Hold/Accumulate Upgraded

Predicted Opening Price for Granite Construction Incorporated of Monday, April 22, 2024

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