EastGroup Properties Inc Stock Forecast
Stronger technical forecast for EastGroup Properties Inc stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The EastGroup Properties Inc stock price gained 1.48% on the last trading day (Tuesday, 23rd Apr 2024), rising from $163.34 to $165.75. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.17% from a day low at $162.90 to a day high of $166.43. The price has fallen in 6 of the last 10 days and is down by -6.92% for this period. Volume fell on the last day by -148 thousand shares and in total, 322 thousand shares were bought and sold for approximately $53.41 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a 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 -7.68% during the next 3 months and, with a 90% probability hold a price between $146.34 and $162.90 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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EGP Signals & Forecast
There are mixed signals in the stock today. The EastGroup Properties 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 $174.66. On a fall, the stock will find some support from the short-term average at $163.47. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 4.10%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for EastGroup Properties Inc stock
EastGroup Properties Inc finds support from accumulated volume at $163.34 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 $3.53 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 2.81%.
Our recommended stop-loss: $158.51 (-4.37%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (EGP) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect EastGroup Properties Inc to open at $165.03, and during the day (based on 14 day Average True Range), to move between $162.22 and $169.28, which gives a possible trading interval of +/-$3.53 (+/-2.13%) up or down from last closing price. If EastGroup Properties Inc takes out the full calculated possible swing range there will be an estimated 4.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $163.34 (1.45%) than the resistance at $175.69 (6.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is EastGroup Properties Inc stock A Buy?
EastGroup Properties 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: -0.279 Hold/Accumulate Upgraded
Predicted Opening Price for EastGroup Properties Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $165.03 ( 0.436%) | $165.75 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 168.56 | 1.69 % | |
| R2 | 167.21 | 0.88 % | ||
| R1 | 166.38 | 0.377 % | ||
| Current price: | 165.75 | |||
| Support | S1 | 163.68 | -1.25 % | |
| S2 | 162.85 | -1.75 % | ||
| S3 | 161.50 | -2.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 184.96 | 11.59 % | |
| R2 | 175.72 | 6.02 % | ||
| R1 | 175.69 | 6.00 % | ||
| Current price | 165.75 | |||
| Support | S1 | 163.34 | -1.45% | |
| S2 | 162.00 | -2.26% | ||
| S3 | 159.22 | -3.94% |
EGP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Apr 15, 2024 | $1.27 | 0.754% |
| 2 | Dec 08, 2023 | Dec 28, 2023 | Jan 12, 2024 | $1.27 | 0.703% |
| 3 | Aug 25, 2023 | Sep 28, 2023 | Oct 13, 2023 | $1.27 | 0.768% |
| 4 | May 25, 2023 | Jun 29, 2023 | Jul 14, 2023 | $1.25 | 0.674% |
| 5 | Mar 03, 2023 | Mar 30, 2023 | Apr 14, 2023 | $1.25 | 0.786% |
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