ConnectOne Bancorp Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
ConnectOne Bancorp stock upgraded to Hold/Accumulate.
(Updated on Apr 23, 2024)
The ConnectOne Bancorp stock price gained 2.81% on the last trading day (Tuesday, 23rd Apr 2024), rising from $18.88 to $19.41. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.54% from a day low at $18.91 to a day high of $19.58. The price has risen in 7 of the last 10 days and is up by 1.15% 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, 3 thousand more shares were traded than the day before. In total, 96 thousand shares were bought and sold for approximately $1.86 million.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $19.91 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -18.06% during the next 3 months and, with a 90% probability hold a price between $14.23 and $16.32 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CNOB Signals & Forecast
The ConnectOne Bancorp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $18.40 and $18.93. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 8.68%. 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 ConnectOne Bancorp stock
ConnectOne Bancorp finds support from accumulated volume at $18.90 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 $0.670 between high and low, or 3.54%. For the last week, the stock has had daily average volatility of 2.98%.
Since the ConnectOne Bancorp has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $18.66 (-3.84%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (CNOB) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect ConnectOne Bancorp to open at $19.30, and during the day (based on 14 day Average True Range), to move between $18.80 and $20.02, which gives a possible trading interval of +/-$0.606 (+/-3.12%) up or down from last closing price. If ConnectOne Bancorp takes out the full calculated possible swing range there will be an estimated 6.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.70 (1.49%) than the support at $18.90 (2.63%), 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
ConnectOne Bancorp will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.420. We will update the financials statements for ConnectOne Bancorp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.42% in the first trading day after earnings release.
Is ConnectOne Bancorp stock A Buy?
ConnectOne Bancorp 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 ConnectOne Bancorp of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $19.30 ( 0.567%) | $19.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNOB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.97 | 2.89 % | |
| R2 | 19.71 | 1.57 % | ||
| R1 | 19.56 | 0.752 % | ||
| Current price: | 19.41 | |||
| Support | S1 | 19.04 | -1.89 % | |
| S2 | 18.89 | -2.70 % | ||
| S3 | 18.63 | -4.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.56 | 5.92 % | |
| R2 | 20.10 | 3.55 % | ||
| R1 | 19.70 | 1.49 % | ||
| Current price | 19.41 | |||
| Support | S1 | 18.90 | -2.63% | |
| S2 | 18.68 | -3.76% | ||
| S3 | 18.00 | -7.26% |
CNOB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 25, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.170 | 0.86% |
| 2 | Nov 14, 2023 | Nov 14, 2023 | Dec 01, 2023 | $0.170 | 0.81% |
| 3 | Jul 27, 2023 | Aug 14, 2023 | Sep 01, 2023 | $0.170 | 0.87% |
| 4 | Apr 27, 2023 | May 12, 2023 | Jun 01, 2023 | $0.170 | 1.20% |
| 5 | Jan 26, 2023 | Feb 16, 2023 | Mar 01, 2023 | $0.155 | 0.634% |
FAQ
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