Westport Innovations Inc Stock Forecast
Red day on Wednesday for Westport Innovations Inc stock after losing 0.293%
(Updated on Mar 27, 2024)
The Westport Innovations Inc stock price fell by -0.293% on the last day (Wednesday, 27th Mar 2024) from $6.82 to $6.80. During the last trading day the stock fluctuated 6.41% from a day low at $6.71 to a day high of $7.14. The price has been going up and down for this period, and there has been a 8.8% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -185 thousand shares and in total, 71 thousand shares were bought and sold for approximately $480.68 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Westport Innovations Inc stock with a 90% probability to be traded between $5.62 and $7.30 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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WPRT Signals & Forecast
The Westport Innovations 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 $6.47 and $6.06. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, March 25, 2024, and so far it has fallen -6.08%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Westport Innovations Inc stock
Westport Innovations Inc finds support from accumulated volume at $6.65 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.430 between high and low, or 6.41%. For the last week the stock has had daily average volatility of 10.86%.
Our recommended stop-loss: $6.42 (-5.64%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (WPRT) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Westport Innovations Inc to open at $6.88, and during the day (based on 14 day Average True Range), to move between $6.40 and $7.20, which gives a possible trading interval of +/-$0.403 (+/-5.93%) up or down from last closing price. If Westport Innovations Inc takes out the full calculated possible swing range there will be an estimated 11.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.82 (0.29%) than the support at $6.65 (2.21%), 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 Westport Innovations Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Westport Innovations Inc stock to perform well in the short-term period.
Current score: 1.950 Buy Candidate Unchanged
Predicted Opening Price for Westport Innovations Inc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$6.88 ( 1.23%) | $6.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WPRT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.31 | 7.55 % | |
R2 | 7.15 | 5.13 % | ||
R1 | 7.05 | 3.64 % | ||
Current price: | 6.80 | |||
Support | S1 | 6.72 | -1.19 % | |
S2 | 6.62 | -2.68 % | ||
S3 | 6.45 | -5.10 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 7.24 | 6.47 % | ||
R1 | 6.82 | 0.294 % | ||
Current price | 6.80 | |||
Support | S1 | 6.65 | -2.21% | |
S2 | 6.62 | -2.65% | ||
S3 | 6.01 | -11.61% |
FAQ
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