Beacon Roofing Supply Stock Forecast
Beacon Roofing Supply stock price down 1.53% on Wednesday
(Updated on Apr 17, 2024)
The Beacon Roofing Supply stock price fell by -1.53% on the last day (Wednesday, 17th Apr 2024) from $94.63 to $93.18. It has now fallen 8 days in a row. During the last trading day the stock fluctuated 3.16% from a day low at $92.44 to a day high of $95.36. The price has fallen in 8 of the last 10 days and is down by -7.07% for this period. Volume has increased on the last day by 149 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, 524 thousand shares were bought and sold for approximately $48.80 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $92.51 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 19.47% during the next 3 months and, with a 90% probability hold a price between $110.52 and $124.54 at the end of this 3-month period.
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BECN Signals & Forecast
A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -8.69%. 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. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Beacon Roofing Supply stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $96.84. On a fall, the stock will find some support from the long-term average at approximately $92.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for Beacon Roofing Supply stock
On the downside, the stock finds support just below today's level from accumulated volume at $85.89 and $85.11. 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, Beacon Roofing Supply finds support just below today's level at $85.89. If this is broken, then the next support from accumulated volume will be at $85.11 and $84.25.
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 $2.92 between high and low, or 3.16%. For the last week, the stock has had daily average volatility of 2.53%.
Our recommended stop-loss: $88.41 (-5.12%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (BECN) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Beacon Roofing Supply to open at $93.66, and during the day (based on 14 day Average True Range), to move between $90.78 and $95.58, which gives a possible trading interval of +/-$2.40 (+/-2.58%) up or down from last closing price. If Beacon Roofing Supply takes out the full calculated possible swing range there will be an estimated 5.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $98.02 (5.19%) than the support at $85.89 (7.82%), 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 Beacon Roofing Supply stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 2.060 Buy Candidate Unchanged
Predicted Opening Price for Beacon Roofing Supply of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $93.66 ( 0.515%) | $93.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BECN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.58 | 3.65 % | |
| R2 | 95.46 | 2.45 % | ||
| R1 | 94.78 | 1.71 % | ||
| Current price: | 93.18 | |||
| Support | S1 | 92.54 | -0.682 % | |
| S2 | 91.86 | -1.42 % | ||
| S3 | 90.74 | -2.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 100.68 | 8.05 % | |
| R2 | 100.23 | 7.57 % | ||
| R1 | 98.02 | 5.19 % | ||
| Current price | 93.18 | |||
| Support | S1 | 85.89 | -7.82% | |
| S2 | 85.11 | -8.66% | ||
| S3 | 84.25 | -9.58% |
FAQ
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