TPI Composites Inc Stock Forecast
TPI Composites Inc stock upgraded to Hold/Accumulate.
(Updated on Mar 28, 2024)
The TPI Composites Inc stock price gained 2.46% on the last trading day (Thursday, 28th Mar 2024), rising from $2.84 to $2.91. During the last trading day the stock fluctuated 7.34% from a day low at $2.86 to a day high of $3.07. The price has risen in 5 of the last 10 days and is up by 9.4% 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, 2 thousand more shares were traded than the day before. In total, 962 thousand shares were bought and sold for approximately $2.80 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -14.97% during the next 3 months and, with a 90% probability hold a price between $1.70 and $2.80 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TPIC Signals & Forecast
The TPI Composites Inc 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 $2.81 and $2.88. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -14.91%. 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).
Support, Risk & Stop-loss for TPI Composites Inc stock
TPI Composites Inc finds support from accumulated volume at $2.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.210 between high and low, or 7.34%. For the last week, the stock has had daily average volatility of 8.07%.
Our recommended stop-loss: $2.73 (-6.15%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (TPIC) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect TPI Composites Inc to open at $2.95, and during the day (based on 14 day Average True Range), to move between $2.64 and $3.18, which gives a possible trading interval of +/-$0.267 (+/-9.18%) up or down from last closing price. If TPI Composites Inc takes out the full calculated possible swing range there will be an estimated 18.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.99 (2.75%) than the support at $2.80 (3.78%), 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 TPI Composites Inc stock A Buy?
TPI Composites Inc 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: 0.323 Hold/Accumulate Upgraded
Predicted Opening Price for TPI Composites Inc of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$2.95 ( 1.26%) | $2.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TPIC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.16 | 8.48 % | |
R2 | 3.08 | 5.72 % | ||
R1 | 3.03 | 4.02 % | ||
Current price: | 2.91 | |||
Support | S1 | 2.87 | -1.50 % | |
S2 | 2.82 | -3.20 % | ||
S3 | 2.74 | -5.96 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.51 | 20.62 % | |
R2 | 3.18 | 9.28 % | ||
R1 | 2.99 | 2.75 % | ||
Current price | 2.91 | |||
Support | S1 | 2.80 | -3.78% | |
S2 | 2.70 | -7.22% | ||
S3 | 2.68 | -7.90% |
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