EastGroup Properties Inc Stock Forecast
Stronger technical forecast for EastGroup Properties Inc stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The EastGroup Properties Inc stock price gained 1.50% on the last trading day (Tuesday, 2nd Jul 2024), rising from $169.51 to $172.06. During the last trading day the stock fluctuated 1.60% from a day low at $169.70 to a day high of $172.41. The price has risen in 7 of the last 10 days and is up by 3.25% 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, 259 thousand more shares were traded than the day before. In total, 444 thousand shares were bought and sold for approximately $76.47 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect EastGroup Properties Inc stock with a 90% probability to be traded between $155.50 and $178.26 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EGP Signals & Forecast
Mostly positive signals in the chart today. The EastGroup Properties Inc 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 $169.20 and $165.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 10.75%. 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 EastGroup Properties Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $163.34 and $162.00. 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, EastGroup Properties Inc finds support just below today's level at $163.34. If this is broken, then the next support from accumulated volume will be at $162.00 and $157.99.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.71 between high and low, or 1.60%. For the last week the stock has had daily average volatility of 1.68%.
Our recommended stop-loss: $165.90 (-3.58%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (EGP) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect EastGroup Properties Inc to open at $171.39, and during the day (based on 14 day Average True Range), to move between $169.17 and $174.95, which gives a possible trading interval of +/-$2.89 (+/-1.68%) up or down from last closing price. If EastGroup Properties Inc takes out the full calculated possible swing range there will be an estimated 3.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $172.57 (0.30%) than the support at $163.34 (5.07%), 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 EastGroup Properties Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for EastGroup Properties Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.755 Buy Candidate Upgraded
Predicted Opening Price for EastGroup Properties Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $171.39 ( 0.389%) | $172.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EGP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 174.10 | 1.19% |
| R2 | 173.06 | 0.584% |
| R1 | 172.43 | 0.212% |
| Price | 172.06 | |
| S1 | 170.35 | -0.99% |
| S2 | 169.72 | -1.36% |
| S3 | 168.68 | -1.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 174.05 | 1.16% |
| R2 | 172.90 | 0.488% |
| R1 | 172.57 | 0.296% |
| Price | 172.06 | |
| S1 | 163.34 | -5.07% |
| S2 | 162.00 | -5.85% |
| S3 | 157.99 | -8.18% |
EGP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2024 | Jun 28, 2024 | Jul 15, 2024 | $1.27 | 0.738% |
| 2 | Mar 27, 2024 | Mar 27, 2024 | Apr 15, 2024 | $1.27 | 0.754% |
| 3 | Dec 08, 2023 | Dec 28, 2023 | Jan 12, 2024 | $1.27 | 0.703% |
| 4 | Aug 25, 2023 | Sep 28, 2023 | Oct 13, 2023 | $1.27 | 0.768% |
| 5 | May 25, 2023 | Jun 29, 2023 | Jul 14, 2023 | $1.25 | 0.674% |
FAQ
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