Asbury Automotive Group Inc Stock Forecast
Weaker technical forecast for Asbury Automotive Group Inc as stock downgraded to Sell Candidate.
(Updated on May 01, 2024)
The Asbury Automotive Group Inc stock price gained 0.190% on the last trading day (Wednesday, 1st May 2024), rising from $210.24 to $210.64. During the last trading day the stock fluctuated 2.74% from a day low at $209.85 to a day high of $215.61. The price has been going up and down for this period, and there has been a -0.58% loss for the last 2 weeks. Volume fell on the last day by -9 thousand shares and in total, 142 thousand shares were bought and sold for approximately $29.83 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $210.39 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 4.09% during the next 3 months and, with a 90% probability hold a price between $219.00 and $249.12 at the end of this 3-month period.
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ABG Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 0.190%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $217.45 and $219.49. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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 $5.76 (2.74%) between high and low. For the last week, the stock has had daily average volatility of 3.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ABG) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Asbury Automotive Group Inc to open at $212.03, and during the day (based on 14 day Average True Range), to move between $204.15 and $217.13, which gives a possible trading interval of +/-$6.49 (+/-3.08%) 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 6.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $209.80 (0.40%) than the resistance at $215.92 (2.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Asbury Automotive Group Inc stock A Buy?
The Asbury Automotive Group Inc stock holds several negative signals and despite the positive trend, we believe Asbury Automotive Group Inc 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.
Current score: -1.290 Sell Candidate Downgraded
Predicted Opening Price for Asbury Automotive Group Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $212.03 ( 0.661%) | $210.64 |
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 | 217.79 | 3.39 % | |
| R2 | 215.59 | 2.35 % | ||
| R1 | 214.23 | 1.70 % | ||
| Current price: | 210.64 | |||
| Support | S1 | 209.83 | -0.383 % | |
| S2 | 208.48 | -1.03 % | ||
| S3 | 206.28 | -2.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 218.35 | 3.66 % | |
| R2 | 217.12 | 3.08 % | ||
| R1 | 215.92 | 2.51 % | ||
| Current price | 210.64 | |||
| Support | S1 | 209.80 | -0.399% | |
| S2 | 208.83 | -0.86% | ||
| S3 | 206.79 | -1.83% |
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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