Weaker technical forecast for Eagle Bancorp as stock downgraded to Hold/Accumulate.
(Updated on Dec 03, 2021)
Buy or Hold candidate since 2021-12-02 Loss -2.11% PDF
The Eagle Bancorp stock price fell by -2.11% on the last day (Friday, 3rd Dec 2021) from $57.85 to $56.63. During the day the stock fluctuated 3.47% from a day low at $56.16 to a day high of $58.11. The price has fallen in 7 of the last 10 days and is down by -5.4% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -22 thousand shares and in total, 66 thousand shares were bought and sold for approximately $3.76 million.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $56.25 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.93% during the next 3 months and, with a 90% probability hold a price between $60.71 and $66.40 at the end of this 3-month period.
Signals & Forecast
There are few to no technical positive signals at the moment. The Eagle Bancorp stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $57.36 and $58.40. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, November 23, 2021, and so far it has fallen -7.18%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss
Eagle Bancorp finds support from accumulated volume at $56.35 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 $1.95 between high and low, or 3.47%. For the last week, the stock has had a daily average volatility of 3.29%.
Our recommended stop-loss: $53.14 (-6.17%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Is Eagle Bancorp stock A Buy?
Eagle Bancorp holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.793
Predicted Opening Price for Eagle Bancorp of Monday, December 6, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 6, 2021||Current price|
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Gabelli is very positive about EGBN and gave it a "Hold - Buy" rating on Jan 29, 2021. The price target was set to $45.00.
EGBN Insider Trading
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