AMCON Distributing Company Stock Forecast
AMCON Distributing Company stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The AMCON Distributing Company stock price gained 3.55% on the last trading day (Tuesday, 2nd Jul 2024), rising from $141.00 to $146.01. During the last trading day the stock fluctuated 5.92% from a day low at $146.00 to a day high of $154.64. The price has risen in 5 of the last 10 days and is up by 12.32% 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, 294 more shares were traded than the day before. In total, 330 shares were bought and sold for approximately $48.18 thousand.
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 $150.47 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 -21.06% during the next 3 months and, with a 90% probability hold a price between $97.51 and $118.78 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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DIT Signals & Forecast
Mostly positive signals in the chart today. The AMCON Distributing Company 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 $144.82 and $144.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 12.32%. 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). AMCON Distributing Company has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for AMCON Distributing Company stock
AMCON Distributing Company finds support from accumulated volume at $143.13 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 $8.64 between high and low, or 5.92%. For the last week, the stock has had daily average volatility of 2.28%.
Our recommended stop-loss: $137.45 (-5.86%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (DIT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect AMCON Distributing Company to open at $148.88, and during the day (based on 14 day Average True Range), to move between $139.11 and $152.91, which gives a possible trading interval of +/-$6.90 (+/-4.73%) up or down from last closing price. If AMCON Distributing Company takes out the full calculated possible swing range there will be an estimated 9.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $143.13 (1.97%) than the resistance at $158.19 (8.34%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is AMCON Distributing Company stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.201 Buy Candidate Upgraded
Predicted Opening Price for AMCON Distributing Company of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $148.88 ( 1.97%) | $146.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DIT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 157.52 | 7.89% |
| R2 | 154.22 | 5.62% |
| R1 | 152.18 | 4.23% |
| Price | 146.01 | |
| S1 | 145.58 | -0.293% |
| S2 | 143.54 | -1.69% |
| S3 | 140.24 | -3.95% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 168.00 | 15.06% |
| R2 | 165.70 | 13.49% |
| R1 | 158.19 | 8.34% |
| Price | 146.01 | |
| S1 | 143.13 | -1.97% |
| S2 | 141.89 | -2.82% |
| S3 | 139.11 | -4.73% |
DIT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 02, 2024 | May 02, 2024 | May 13, 2024 | $0.180 | 0.114% |
| 2 | Jan 23, 2024 | Feb 01, 2024 | Feb 12, 2024 | $0.180 | 0.0887% |
| 3 | Jan 05, 2024 | Jan 05, 2024 | Jan 17, 2024 | $0.280 | 0.137% |
| 4 | Oct 24, 2023 | Nov 03, 2023 | Nov 17, 2023 | $0.180 | 0.1000% |
| 5 | Jul 25, 2023 | Aug 03, 2023 | Aug 17, 2023 | $0.180 | 0.0846% |
FAQ
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