Allegiance Bancshares stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on Dec 03, 2021)
Sell candidate since 2021-12-03 PDF
The Allegiance Bancshares stock price fell by -1.77% on the last day (Friday, 3rd Dec 2021) from $41.24 to $40.51. During the day the stock fluctuated 3.56% from a day low at $40.40 to a day high of $41.84. The price has fallen in 7 of the last 10 days and is down by -7.97% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -31 thousand shares and in total, 60 thousand shares were bought and sold for approximately $2.42 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $40.03 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 21.71% during the next 3 months and, with a 90% probability hold a price between $48.72 and $56.31 at the end of this 3-month period.
Signals & Forecast
There are few to no technical positive signals at the moment. The Allegiance Bancshares stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $41.58 and $41.21. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, November 23, 2021, and so far it has fallen -10.63%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss
Allegiance Bancshares finds support from accumulated volume at $39.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.44 between high and low, or 3.56%. For the last week, the stock has had a daily average volatility of 5.08%.
Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.
Is Allegiance Bancshares stock A Buy?
The Allegiance Bancshares stock holds several negative signals and despite the positive trend, we believe Allegiance Bancshares 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 Buy to a Sell candidate.
Current score: -3.730
Predicted Opening Price for Allegiance Bancshares of Monday, December 6, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 6, 2021||Current price|
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