Asbury Automotive Group Inc Stock Forecast
Stronger technical forecast for Asbury Automotive Group Inc stock price after Friday trading.
(Updated on May 03, 2024)
The Asbury Automotive Group Inc stock price gained 2.54% on the last trading day (Friday, 3rd May 2024), rising from $208.45 to $213.75. During the last trading day the stock fluctuated 1.96% from a day low at $211.03 to a day high of $215.16. The price has been going up and down for this period, and there has been a -0.64% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 35 thousand more shares were traded than the day before. In total, 198 thousand shares were bought and sold for approximately $42.42 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $208.58 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 3.43% during the next 3 months and, with a 90% probability hold a price between $215.74 and $247.18 at the end of this 3-month period.
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ABG Signals & Forecast
There are mixed signals in the stock today. The Asbury Automotive Group 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 $214.38 and $219.69. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 2.54%. 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 Asbury Automotive Group Inc stock
Asbury Automotive Group Inc finds support from accumulated volume at $209.80 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 $4.13 (1.96%) between high and low. For the last week, the stock has had daily average volatility of 2.32%.
Our recommended stop-loss: $202.95 (-5.05%) (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 (ABG) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Asbury Automotive Group Inc to open at $213.31, and during the day (based on 14 day Average True Range), to move between $207.42 and $220.08, which gives a possible trading interval of +/-$6.33 (+/-2.96%) up or down from last closing price. If Asbury Automotive Group Inc takes out the full calculated possible swing range there will be an estimated 5.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $215.92 (1.02%) than the support at $209.80 (1.85%), 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 Asbury Automotive Group Inc stock A Buy?
Asbury Automotive Group 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: 0.383 Hold/Accumulate Upgraded
Predicted Opening Price for Asbury Automotive Group Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $213.31 ( 0.204%) | $213.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ABG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 217.44 | 1.73 % | |
| R2 | 215.87 | 0.99 % | ||
| R1 | 214.89 | 0.534 % | ||
| Current price: | 213.75 | |||
| Support | S1 | 211.74 | -0.94 % | |
| S2 | 210.76 | -1.40 % | ||
| S3 | 209.18 | -2.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 218.35 | 2.15 % | |
| R2 | 217.12 | 1.58 % | ||
| R1 | 215.92 | 1.02 % | ||
| Current price | 213.75 | |||
| Support | S1 | 209.80 | -1.85% | |
| S2 | 208.83 | -2.30% | ||
| S3 | 206.79 | -3.26% |
ABG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 23, 2008 | Jul 30, 2008 | Aug 22, 2008 | $0.225 | 0.92% |
| 2 | May 07, 2008 | May 15, 2008 | Jun 16, 2008 | $0.225 | 0.779% |
| 3 | Jan 31, 2008 | Feb 06, 2008 | Feb 29, 2008 | $0.225 | 0.80% |
| 4 | Oct 26, 2007 | Nov 01, 2007 | Nov 19, 2007 | $0.225 | 0.643% |
| 5 | Jul 26, 2007 | Aug 02, 2007 | Aug 20, 2007 | $0.225 | 0.494% |
FAQ
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