Beacon Roofing Supply Stock Forecast
Beacon Roofing Supply stock price down 0.349% on Wednesday
(Updated on Apr 24, 2024)
The Beacon Roofing Supply stock price fell by -0.349% on the last day (Wednesday, 24th Apr 2024) from $97.55 to $97.21. During the last trading day the stock fluctuated 2.17% from a day low at $96.46 to a day high of $98.55. The price has fallen in 6 of the last 10 days and is down by -1.87% for this period. Volume has increased on the last day by 215 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 508 thousand shares were bought and sold for approximately $49.38 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 19.53% during the next 3 months and, with a 90% probability hold a price between $112.38 and $126.31 at the end of this 3-month period.
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BECN Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.74%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. 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 $95.23 and $94.32. A breakdown below any of these levels will issue sell signals.
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 $89.49 and $85.89. 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 $89.49. If this is broken, then the next support from accumulated volume will be at $85.89 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 $2.09 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 2.17%.
Our recommended stop-loss: $93.41 (-3.90%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (BECN) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Beacon Roofing Supply to open at $97.40, and during the day (based on 14 day Average True Range), to move between $94.92 and $99.50, which gives a possible trading interval of +/-$2.29 (+/-2.35%) up or down from last closing price. If Beacon Roofing Supply takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $98.02 (0.83%) than the support at $89.49 (7.94%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Beacon Roofing Supply will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.350. We will update the financials statements for Beacon Roofing Supply, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.45% in the first trading day after earnings release.
Is Beacon Roofing Supply stock A Buy?
Several short-term signals, along with a general good trend, 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.
Current score: 2.645 Buy Candidate Unchanged
Predicted Opening Price for Beacon Roofing Supply of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $97.40 ( 0.199%) | $97.21 |
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 | 99.49 | 2.35 % | |
| R2 | 98.70 | 1.53 % | ||
| R1 | 98.20 | 1.02 % | ||
| Current price: | 97.21 | |||
| Support | S1 | 96.60 | -0.622 % | |
| S2 | 96.11 | -1.13 % | ||
| S3 | 95.31 | -1.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 100.68 | 3.57 % | |
| R2 | 100.23 | 3.11 % | ||
| R1 | 98.02 | 0.83 % | ||
| Current price | 97.21 | |||
| Support | S1 | 89.49 | -7.94% | |
| S2 | 85.89 | -11.64% | ||
| S3 | 84.25 | -13.33% |
FAQ
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