Tootsie Roll Industries Inc Stock Forecast
Tootsie Roll Industries Inc stock upgraded from Sell Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)
The Tootsie Roll Industries Inc stock price gained 0.408% on the last trading day (Monday, 6th May 2024), rising from $29.43 to $29.55. During the last trading day the stock fluctuated 1.58% from a day low at $29.09 to a day high of $29.55. The price has fallen in 8 of the last 10 days and is down by -2.99% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 thousand more shares were traded than the day before. In total, 89 thousand shares were bought and sold for approximately $2.63 million.
The stock lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $29.38 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -9.43% during the next 3 months and, with a 90% probability hold a price between $26.61 and $28.05 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.
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TR Signals & Forecast
There are mixed signals in the stock today. The Tootsie Roll Industries Inc 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 $29.66 and $30.83. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 0.408%. 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 Tootsie Roll Industries Inc stock
Tootsie Roll Industries Inc finds support from accumulated volume at $29.43 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 $0.460 between high and low, or 1.58%. For the last week the stock has had daily average volatility of 1.28%.
Our recommended stop-loss: $27.74 (-6.13%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (TR) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Tootsie Roll Industries Inc to open at $29.40, and during the day (based on 14 day Average True Range), to move between $29.02 and $30.08, which gives a possible trading interval of +/-$0.532 (+/-1.80%) up or down from last closing price. If Tootsie Roll Industries Inc takes out the full calculated possible swing range there will be an estimated 3.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $29.43 (0.41%) than the resistance at $31.73 (7.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tootsie Roll Industries Inc stock A Buy?
Tootsie Roll Industries Inc 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.516 Hold/Accumulate Upgraded
Predicted Opening Price for Tootsie Roll Industries Inc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $29.40 ( 0.519%) | $29.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.86 | 1.04 % | |
| R2 | 29.68 | 0.443 % | ||
| R1 | 29.57 | 0.0758 % | ||
| Current price: | 29.55 | |||
| Support | S1 | 29.22 | -1.11 % | |
| S2 | 29.11 | -1.48 % | ||
| S3 | 28.94 | -2.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.26 | 9.17 % | |
| R2 | 31.83 | 7.72 % | ||
| R1 | 31.73 | 7.38 % | ||
| Current price | 29.55 | |||
| Support | S1 | 29.43 | -0.406% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
TR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2024 | Mar 05, 2024 | Mar 28, 2024 | $0.0874 | 0.273% |
| 2 | Dec 05, 2023 | Dec 19, 2023 | Jan 11, 2024 | $0.0900 | 0.267% |
| 3 | Sep 19, 2023 | Oct 06, 2023 | Oct 19, 2023 | $0.0900 | 0.310% |
| 4 | Jun 06, 2023 | Jun 16, 2023 | Jul 06, 2023 | $0.0900 | 0.272% |
| 5 | Feb 21, 2023 | Mar 03, 2023 | Mar 30, 2023 | $0.0900 | 0.209% |
FAQ
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