Ingevity Corporation Stock Forecast
Ingevity Corporation stock price up more than 7.72% on Monday
(Updated on Apr 22, 2024)
The Ingevity Corporation stock price gained 7.72% on the last trading day (Monday, 22nd Apr 2024), rising from $44.44 to $47.87. During the last trading day the stock fluctuated 6.57% from a day low at $46.00 to a day high of $49.02. The price has fallen in 7 of the last 10 days but is still up by 1.94% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 143 thousand more shares were traded than the day before. In total, 263 thousand shares were bought and sold for approximately $12.57 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 3.81% during the next 3 months and, with a 90% probability hold a price between $45.22 and $52.05 at the end of this 3-month period.
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NGVT Signals & Forecast
The Ingevity Corporation 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 $44.90 and $46.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 10.05%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A sell signal from a double top formation was found on Tuesday, April 09, 2024 and based on theory for this formation the price should fall by -16.50% to $39.97 within 31 trading days since signal was issued (Tuesday, April 23, 2024).
Support, Risk & Stop-loss for Ingevity Corporation stock
Ingevity Corporation finds support from accumulated volume at $47.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.02 between high and low, or 6.57%. For the last week, the stock has had daily average volatility of 3.57%.
Our recommended stop-loss: $46.01 (-3.88%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (NGVT) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Ingevity Corporation to open at $47.63, and during the day (based on 14 day Average True Range), to move between $46.12 and $49.62, which gives a possible trading interval of +/-$1.75 (+/-3.65%) up or down from last closing price. If Ingevity Corporation takes out the full calculated possible swing range there will be an estimated 7.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $48.11 (0.50%) than the support at $47.40 (0.98%), 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 Ingevity Corporation stock A Buy?
Ingevity Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.235 Hold/Accumulate Upgraded
Predicted Opening Price for Ingevity Corporation of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $47.63 ( 0.501%) | $47.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGVT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.65 | 5.81 % | |
| R2 | 49.50 | 3.40 % | ||
| R1 | 48.78 | 1.91 % | ||
| Current price: | 47.87 | |||
| Support | S1 | 46.48 | -2.91 % | |
| S2 | 45.76 | -4.40 % | ||
| S3 | 44.61 | -6.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 48.95 | 2.26 % | |
| R2 | 48.44 | 1.19 % | ||
| R1 | 48.11 | 0.501 % | ||
| Current price | 47.87 | |||
| Support | S1 | 47.40 | -0.98% | |
| S2 | 45.27 | -5.43% | ||
| S3 | 44.97 | -6.06% |
FAQ
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