Dycom Industries Inc Stock Forecast
Dycom Industries Inc stock upgraded to Strong Buy Candidate.
(Updated on May 03, 2024)
The Dycom Industries Inc stock price gained 2.78% on the last trading day (Friday, 3rd May 2024), rising from $140.13 to $144.03. During the last trading day the stock fluctuated 2.31% from a day low at $142.70 to a day high of $145.99. The price has risen in 7 of the last 10 days and is up by 6.25% 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, 34 thousand more shares were traded than the day before. In total, 259 thousand shares were bought and sold for approximately $37.29 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 22.18% during the next 3 months and, with a 90% probability hold a price between $168.95 and $189.98 at the end of this 3-month period.
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DY Signals & Forecast
Mostly positive signals in the chart today. The Dycom Industries Inc 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 $141.55 and $140.10. 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 6.92%. 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 Dycom Industries Inc stock
Dycom Industries Inc finds support from accumulated volume at $140.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $3.30 (2.31%) between high and low. For the last week, the stock has had daily average volatility of 2.57%.
Our recommended stop-loss: $137.76 (-4.35%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (DY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Dycom Industries Inc to open at $144.24, and during the day (based on 14 day Average True Range), to move between $140.39 and $147.67, which gives a possible trading interval of +/-$3.64 (+/-2.53%) up or down from last closing price. If Dycom Industries Inc takes out the full calculated possible swing range there will be an estimated 5.06% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $140.02, some $4.01 (2.78%) from the current price of $144.03, our system finds the risk reward attractive.
Is Dycom Industries Inc stock A Buy?
Dycom Industries Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.827 Strong Buy Candidate Upgraded
Predicted Opening Price for Dycom Industries Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $144.24 ( 0.145%) | $144.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 147.53 | 2.43 % | |
| R2 | 146.27 | 1.56 % | ||
| R1 | 145.50 | 1.02 % | ||
| Current price: | 144.03 | |||
| Support | S1 | 142.98 | -0.729 % | |
| S2 | 142.20 | -1.27 % | ||
| S3 | 140.94 | -2.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 144.03 | |||
| Support | S1 | 140.02 | -2.78% | |
| S2 | 126.57 | -12.12% | ||
| S3 | 126.32 | -12.30% |
FAQ
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