NewJersey Resources Corporation Stock Forecast

NewJersey Resources Corporation stock price ended at $41.58 on Monday, after losing 0.503%.
(Updated on Apr 15, 2024)

NJR Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 0.776%. Further rise is indicated until a new top pivot has been found. 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. The NewJersey Resources Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $42.24 and $42.20. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for NewJersey Resources Corporation stock

NewJersey Resources Corporation finds support from accumulated volume at $41.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.84 between high and low, or 2.04%. For the last week the stock has had daily average volatility of 1.61%.

Our recommended stop-loss: $39.05 (-6.08%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 19 days ago.)

Trading Expectations (NJR) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect NewJersey Resources Corporation to open at $41.61, and during the day (based on 14 day Average True Range), to move between $40.84 and $42.32, which gives a possible trading interval of +/-$0.740 (+/-1.78%) up or down from last closing price. If NewJersey Resources Corporation takes out the full calculated possible swing range there will be an estimated 3.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $41.79 (0.51%) than the support at $41.34 (0.58%), 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 NewJersey Resources Corporation stock A Buy?

NewJersey Resources 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.

Current score: 0.822 Hold/Accumulate Unchanged

Predicted Opening Price for NewJersey Resources Corporation of Tuesday, April 16, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.