Barnes Group Inc Stock Forecast
Weaker technical forecast for Barnes Group Inc as stock downgraded to Sell Candidate.
(Updated on May 01, 2024)
The Barnes Group Inc stock price gained 0.230% on the last trading day (Wednesday, 1st May 2024), rising from $34.72 to $34.80. During the last trading day the stock fluctuated 2.97% from a day low at $34.54 to a day high of $35.56. The price has risen in 5 of the last 10 days and is up by 4.22% over the past 2 weeks. Volume fell on the last day by -74 thousand shares and in total, 147 thousand shares were bought and sold for approximately $5.10 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 is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Barnes Group Inc stock with a 90% probability to be traded between $33.67 and $38.31 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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B Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Barnes 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 $35.40 and $35.91. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -4.03%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Barnes Group Inc stock
Barnes Group Inc finds support from accumulated volume at $34.51 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 $1.03 (2.97%) between high and low. For the last week, the stock has had daily average volatility of 4.15%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (B) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Barnes Group Inc to open at $34.97, and during the day (based on 14 day Average True Range), to move between $33.60 and $36.00, which gives a possible trading interval of +/-$1.20 (+/-3.46%) up or down from last closing price. If Barnes Group Inc takes out the full calculated possible swing range there will be an estimated 6.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.51 (0.83%) than the resistance at $35.45 (1.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Barnes Group Inc stock A Buy?
Barnes Group Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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: -1.934 Sell Candidate Downgraded
Predicted Opening Price for Barnes Group Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $34.97 ( 0.474%) | $34.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for B
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.99 | 3.42 % | |
| R2 | 35.60 | 2.29 % | ||
| R1 | 35.36 | 1.60 % | ||
| Current price: | 34.80 | |||
| Support | S1 | 34.57 | -0.651 % | |
| S2 | 34.33 | -1.35 % | ||
| S3 | 33.94 | -2.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.26 | 4.20 % | |
| R2 | 36.08 | 3.68 % | ||
| R1 | 35.45 | 1.87 % | ||
| Current price | 34.80 | |||
| Support | S1 | 34.51 | -0.83% | |
| S2 | 34.47 | -0.95% | ||
| S3 | 34.26 | -1.55% |
B Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Feb 21, 2024 | Mar 08, 2024 | $0.160 | 0.424% |
| 2 | Nov 21, 2023 | Nov 21, 2023 | Dec 08, 2023 | $0.160 | 0.561% |
| 3 | Jul 14, 2023 | Aug 23, 2023 | Sep 08, 2023 | $0.160 | 0.438% |
| 4 | May 05, 2023 | May 24, 2023 | Jun 09, 2023 | $0.160 | 0.393% |
| 5 | Feb 10, 2023 | Feb 22, 2023 | Mar 10, 2023 | $0.160 | 0.414% |
FAQ
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