RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of BECN
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Beacon Roofing Supply stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jun 18, 2024)

Buy candidate since Jun 18, 2024 PDF

The Beacon Roofing Supply stock price fell by -0.94% on the last day (Tuesday, 18th Jun 2024) from $97.72 to $96.80. During the last trading day the stock fluctuated 1.46% from a day low at $96.73 to a day high of $98.14. The price has risen in 6 of the last 10 days and is up by 1.22% over the past 2 weeks. 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 -193 thousand shares and in total, 437 thousand shares were bought and sold for approximately $42.28 million.

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 Beacon Roofing Supply stock with a 90% probability to be traded between $92.46 and $102.38 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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BECN Signals & Forecast

The Beacon Roofing Supply stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $98.12. On a fall, the stock will find some support from the long-term average at approximately $96.47. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 0.405%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 for Beacon Roofing Supply stock

Beacon Roofing Supply finds support from accumulated volume at $96.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.41 between high and low, or 1.46%. For the last week the stock has had daily average volatility of 3.20%.

Our recommended stop-loss: $91.18 (-5.81%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (BECN) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Beacon Roofing Supply to open at $97.22, and during the day (based on 14 day Average True Range), to move between $94.10 and $99.50, which gives a possible trading interval of +/-$2.70 (+/-2.79%) up or down from last closing price. If Beacon Roofing Supply takes out the full calculated possible swing range there will be an estimated 5.57% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $96.41 (0.40%) than the resistance at $98.02 (1.26%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Beacon Roofing Supply stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Beacon Roofing Supply stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.775 Buy Candidate Upgraded

Predicted Opening Price for Beacon Roofing Supply of Thursday, June 20, 2024

Fair opening price June 20, 2024 Current price
$97.22 ( 0.437%) $96.80

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for BECN

Fibonacci Support & Resistance Levels

Level Price
R3 98.63 1.89%
R2 98.09 1.34%
R1 97.76 0.99%
Price 96.80
S1 96.68 -0.119%
S2 96.35 -0.463%
S3 95.81 -1.02%

Accumulated Volume Support & Resistance Levels

Level Price
R3 102.24 5.62%
R2 98.53 1.79%
R1 98.02 1.26%
Price 96.80
S1 96.41 -0.403%
S2 95.89 -0.94%
S3 93.42 -3.49%

FAQ

What is the symbol for Beacon Roofing Supply Stock and on which exchange is it traded?
The symbol for Beacon Roofing Supply is BECN and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell Beacon Roofing Supply Stock?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Beacon Roofing Supply stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

How to buy Beacon Roofing Supply Stock?
Beacon Roofing Supply Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Beacon Roofing Supply Stock.

What's the current price of Beacon Roofing Supply Stock?
As of the end of day on the Jun 18, 2024, the price of an Beacon Roofing Supply (BECN) share was $96.80.

What is the 52-week high and low for Beacon Roofing Supply Stock?
The 52-week high for Beacon Roofing Supply Stock is $103.74 and the 52-week low is $68.50.

What is the market capitalization of Beacon Roofing Supply Stock?
As of the Jun 18, 2024, the market capitalization of Beacon Roofing Supply is 6.156B.

When is the next earnings date for Beacon Roofing Supply?
The upcoming earnings date for Beacon Roofing Supply is Aug 01, 2024.
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About Beacon Roofing Supply

Beacon Roofing Supply Beacon Roofing Supply, Inc., together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam ... BECN Profile

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