Academy Sports And Outdoors stock downgraded to Sell Candidate
StockInvest.us, 2 weeks ago
The Academy Sports And Outdoors stock price fell by -0.400% on the last day (Monday, 28th Oct 2024) from $52.55 to $52.34. During the last trading day the stock fluctuated 2.44% from a day low at $52.01 to a day high of $53.28. The price has fallen in 6 of the last 10 days and is down by -2.41% for this period. Volume has increased on the last day by 48 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 800 thousand shares were bought and sold for approximately $41.87 million.
On Oct 03, 2024, it was reported that Wells Fargo gave ASO a "Buy" grade with a "hold" action.
The stock lies in the lower part of a very 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 $51.72 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 7.33% during the next 3 months and, with a 90% probability hold a price between $55.51 and $69.43 at the end of this 3-month period.
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 Academy Sports And Outdoors 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 $53.81 and $56.60. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, September 18, 2024, and so far it has fallen -16.59%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Academy Sports And Outdoors finds support from accumulated volume at $50.91 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 $1.27 (2.44%) between high and low. For the last week, the stock has had daily average volatility of 2.45%.
The Academy Sports And Outdoors stock holds several negative signals and despite the positive trend, we believe Academy Sports And Outdoors will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Check full Academy Sports And Outdoors forecast and analysis here.