Office Depot Stock Forecast
Office Depot stock price ended at $52.26 on Monday, after gaining 1.01%.
(Updated on May 06, 2024)
The Office Depot stock price gained 1.01% on the last trading day (Monday, 6th May 2024), rising from $51.74 to $52.26. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.64% from a day low at $51.75 to a day high of $52.60. The price has risen in 6 of the last 10 days and is up by 4.75% 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, 15 thousand more shares were traded than the day before. In total, 215 thousand shares were bought and sold for approximately $11.24 million.
The stock lies in the middle of a 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 -4.84% during the next 3 months and, with a 90% probability hold a price between $46.47 and $51.76 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ODP Signals & Forecast
Mostly positive signals in the chart today. The Office Depot 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 $51.41 and $51.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.83%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Office Depot stock
Office Depot finds support from accumulated volume at $51.18 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 $0.85 between high and low, or 1.64%. For the last week the stock has had daily average volatility of 1.95%.
Our recommended stop-loss: $49.72 (-4.87%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (ODP) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Office Depot to open at $52.20, and during the day (based on 14 day Average True Range), to move between $51.14 and $53.38, which gives a possible trading interval of +/-$1.12 (+/-2.15%) up or down from last closing price. If Office Depot takes out the full calculated possible swing range there will be an estimated 4.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $51.18 (2.07%) than the resistance at $54.41 (4.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Office Depot will release earnings BMO on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.64. We will update the financials statements for Office Depot, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.18% in the first trading day after earnings release.
Is Office Depot stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.970 Buy Candidate Unchanged
Predicted Opening Price for Office Depot of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $52.20 ( 0.108%) | $52.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.05 | 1.52 % | |
| R2 | 52.73 | 0.90 % | ||
| R1 | 52.53 | 0.513 % | ||
| Current price: | 52.26 | |||
| Support | S1 | 51.88 | -0.730 % | |
| S2 | 51.68 | -1.11 % | ||
| S3 | 51.35 | -1.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.48 | 8.08 % | |
| R2 | 54.96 | 5.17 % | ||
| R1 | 54.41 | 4.11 % | ||
| Current price | 52.26 | |||
| Support | S1 | 51.18 | -2.07% | |
| S2 | 51.09 | -2.24% | ||
| S3 | 50.91 | -2.58% |
ODP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 04, 2020 | Feb 28, 2020 | Jul 01, 2020 | $0.250 | 1.10% |
| 2 | Nov 06, 2019 | Nov 21, 2019 | Dec 13, 2019 | $0.250 | 1.02% |
| 3 | Aug 07, 2019 | Aug 22, 2019 | Sep 13, 2019 | $0.250 | 1.49% |
| 4 | May 08, 2019 | May 23, 2019 | Jun 14, 2019 | $0.250 | 1.32% |
| 5 | Feb 05, 2019 | Feb 28, 2019 | Mar 15, 2019 | $0.250 | 0.744% |
FAQ
Click here for our free guide on how to buy Office Depot Stock.
