Eastern Bankshares Inc. Stock Forecast
Stronger technical forecast for Eastern Bankshares Inc. stock price after Friday trading.
(Updated on Mar 31, 2023)
The Eastern Bankshares Inc. stock price gained 2.69% on the last trading day (Friday, 31st Mar 2023), rising from $12.29 to $12.62. During the last trading day the stock fluctuated 3.13% from a day low at $12.30 to a day high of $12.69. The price has risen in 6 of the last 10 days and is up by 3.95% 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, 387 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $15.49 million.
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The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -30.46% during the next 3 months and, with a 90% probability hold a price between $6.98 and $9.78 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.
EBC Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 13, 2023, and so far it has risen 10.22%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Eastern Bankshares Inc. stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $14.18. On a fall, the stock will find some support from the short-term average at $12.22. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Eastern Bankshares Inc. stock
Eastern Bankshares Inc. finds support from accumulated volume at $12.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.385 between high and low, or 3.13%. For the last week, the stock has had daily average volatility of 3.99%.
Our recommended stop-loss: $12.05 (-4.53%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (EBC) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Eastern Bankshares Inc. to open at $12.54, and during the day (based on 14 day Average True Range), to move between $11.99 and $13.25, which gives a possible trading interval of +/-$0.630 (+/-4.99%) up or down from last closing price. If Eastern Bankshares Inc. takes out the full calculated possible swing range there will be an estimated 9.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.76 (1.11%) than the support at $12.40 (1.74%), 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.
Is Eastern Bankshares Inc. stock A Buy?
Eastern Bankshares Inc. 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: -0.884 Open Broker Account
Hold/Accumulate UpgradedPredicted Opening Price for Eastern Bankshares Inc. of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price April 3, 2023 | Current price |
|---|---|
| $12.54 | $12.62 (Overvalued) |
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Trading levels for EBC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.92 | 2.38 % | |
| R2 | 12.77 | 1.21 % | ||
| R1 | 12.68 | 0.492 % | ||
| Current price: | 12.62 | |||
| Support | S1 | 12.39 | -1.84 % | |
| S2 | 12.30 | -2.56 % | ||
| S3 | 12.15 | -3.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.81 | 9.43 % | |
| R2 | 13.11 | 3.88 % | ||
| R1 | 12.76 | 1.11 % | ||
| Current price | 12.62 | |||
| Support | S1 | 12.40 | -1.74% | |
| S2 | 12.14 | -3.80% | ||
| S3 | 11.45 | -9.27% |
FAQ
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About Eastern Bankshares Inc.
Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit c... EBC Profile
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