Old Dominion Freight Line Stock Forecast
Is Old Dominion Freight Line stock still a buy after falling -48.75% on Thursday?
(Updated on Mar 28, 2024)
The Old Dominion Freight Line stock price fell by -48.75% on the last day (Thursday, 28th Mar 2024) from $427.95 to $219.31. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 3.28% from a day low at $213.70 to a day high of $220.71. The price has fallen in 7 of the last 10 days and is down by -48.59% for this period. Volume has increased on the last day by 637 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $250.24 million.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $410.56. A reaction back to this level may hold a second chance to get out before further falls.
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ODFL Signals & Forecast
There are few to no technical positive signals at the moment. The Old Dominion Freight Line 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 $405.11 and $427.29. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -50.85%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Old Dominion Freight Line stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $7.01 between high and low, or 3.28%. For the last week the stock has had daily average volatility of 2.40%.
Old Dominion Freight Line is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ODFL) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Old Dominion Freight Line to open at $217.91, and during the day (based on 14 day Average True Range), to move between $193.87 and $244.75, which gives a possible trading interval of +/-$25.44 (+/-11.60%) up or down from last closing price. If Old Dominion Freight Line takes out the full calculated possible swing range there will be an estimated 23.20% move between the lowest and the highest trading price during the day.
Is Old Dominion Freight Line stock A Buy?
The Old Dominion Freight Line stock holds several negative signals and despite the positive trend, we believe Old Dominion Freight Line will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.990 Sell Candidate Unchanged
Predicted Opening Price for Old Dominion Freight Line of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$217.91 ( 0.640%) | $219.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODFL
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 224.92 | 2.56 % | |
R2 | 222.24 | 1.34 % | ||
R1 | 220.58 | 0.581 % | ||
Current price: | 219.31 | |||
Support | S1 | 215.23 | -1.86 % | |
S2 | 213.57 | -2.62 % | ||
S3 | 210.90 | -3.84 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 219.31 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
ODFL Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jan 31, 2024 | Mar 06, 2024 | Mar 20, 2024 | $0.520 | 0.239% |
2 | Jan 31, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.520 | 0.239% |
3 | Oct 19, 2023 | Dec 05, 2023 | Dec 20, 2023 | $0.400 | 0.0995% |
4 | Jul 20, 2023 | Sep 05, 2023 | Sep 20, 2023 | $0.400 | 0.0981% |
5 | May 18, 2023 | Jun 06, 2023 | Jun 21, 2023 | $0.400 | 0.122% |
FAQ
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