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 downgraded to Hold/Accumulate
(Updated on Mar 28, 2024)

Buy or Hold candidate since Feb 14, 2024 Gain 12.60% PDF

The Beacon Roofing Supply stock price gained 3.12% on the last trading day (Thursday, 28th Mar 2024), rising from $95.05 to $98.02. During the last trading day the stock fluctuated 5.88% from a day low at $93.60 to a day high of $99.10. The price has risen in 7 of the last 10 days and is up by 13.28% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $154.30 million.

The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $92.21, a level that may pose a second chance to hit a runner.

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BECN Signals & Forecast

The Beacon Roofing Supply stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $95.29 and $88.39. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 28, 2024, and so far it has risen 16.34%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Beacon Roofing Supply stock

On the downside, the stock finds support just below today's level from accumulated volume at $85.89 and $85.11. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Beacon Roofing Supply finds support just below today's level at $85.89. If this is broken, then the next support from accumulated volume will be at $85.11 and $84.25.

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 $5.50 between high and low, or 5.88%. For the last week, the stock has had daily average volatility of 2.26%.

The Beacon Roofing Supply stock is extremely overbought on RSI14 (87). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $93.18 (-4.93%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (BECN) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Beacon Roofing Supply to open at $96.91, and during the day (based on 14 day Average True Range), to move between $95.68 and $100.36, which gives a possible trading interval of +/-$2.34 (+/-2.39%) up or down from last closing price. If Beacon Roofing Supply takes out the full calculated possible swing range there will be an estimated 4.77% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $85.89, some $12.13 (12.38%) from the current price of $98.02, our system finds the risk reward attractive.

Is Beacon Roofing Supply stock A Buy?

Beacon Roofing Supply holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Beacon Roofing Supply of Monday, April 1, 2024

Fair opening price April 1, 2024 Current price
$96.91 ( 1.14%) $98.02

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
Resistance R3 102.41 4.48 %
R2 100.31 2.33 %
R1 99.01 1.01 %
Current price: 98.02
Support S1 94.81 -3.28 %
S2 93.51 -4.60 %
S3 91.41 -6.75 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 0 .
R2 0 .
R1 0 .
Current price 98.02
Support S1 85.89 -12.38%
S2 85.11 -13.17%
S3 84.25 -14.05%

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?
Beacon Roofing Supply holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate 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 2024-03-28, the price of an Beacon Roofing Supply (BECN) share was $98.02.

What is the 52-week high and low for Beacon Roofing Supply Stock?
The 52-week high for Beacon Roofing Supply Stock is $99.10 and the 52-week low is $54.60.

What is the market capitalization of Beacon Roofing Supply Stock?
As of the 2024-03-28, the market capitalization of Beacon Roofing Supply is 6.218B.

When is the next earnings date for Beacon Roofing Supply?
The upcoming earnings date for Beacon Roofing Supply is May 02, 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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