Forward Air Corporation Stock Forecast
Forward Air Corporation stock upgraded to Hold/Accumulate.
(Updated on Jul 02, 2024)
The Forward Air Corporation stock price gained 1.31% on the last trading day (Tuesday, 2nd Jul 2024), rising from $19.09 to $19.34. During the last trading day the stock fluctuated 3.09% from a day low at $18.78 to a day high of $19.36. The price has been going up and down for this period, and there has been a -10.05% loss for the last 2 weeks. Volume fell on the last day by -124 thousand shares and in total, 537 thousand shares were bought and sold for approximately $10.39 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 the upper part of a very 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 $19.67 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 -30.04% during the next 3 months and, with a 90% probability hold a price between $6.00 and $13.76 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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FWRD Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, June 10, 2024, and so far it has fallen -10.92%. 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). The Forward Air Corporation 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 $19.27 and $17.70. A breakdown below any of these levels will issue sell signals. 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 Forward Air Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $16.76 and $16.74. 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, Forward Air Corporation finds support just below today's level at $16.76. If this is broken, then the next support from accumulated volume will be at $16.74 and $15.44.
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 $0.580 between high and low, or 3.09%. For the last week, the stock has had daily average volatility of 4.98%.
Our recommended stop-loss: $18.32 (-5.27%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (FWRD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Forward Air Corporation to open at $19.16, and during the day (based on 14 day Average True Range), to move between $17.95 and $20.73, which gives a possible trading interval of +/-$1.39 (+/-7.19%) up or down from last closing price. If Forward Air Corporation takes out the full calculated possible swing range there will be an estimated 14.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.18 (4.34%) than the support at $16.76 (13.34%), 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 Forward Air Corporation stock A Buy?
Forward Air Corporation 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: -0.713 Hold/Accumulate Upgraded
Predicted Opening Price for Forward Air Corporation of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$19.16 ( 0.93%) | $19.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FWRD
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 19.74 | 2.07% |
R2 | 19.52 | 0.92% |
R1 | 19.38 | 0.215% |
Price | 19.34 | |
S1 | 18.94 | -2.08% |
S2 | 18.80 | -2.78% |
S3 | 18.58 | -3.93% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 21.71 | 12.25% |
R2 | 20.97 | 8.43% |
R1 | 20.18 | 4.34% |
Price | 19.34 | |
S1 | 16.76 | -13.34% |
S2 | 16.74 | -13.44% |
S3 | 15.44 | -20.17% |
FWRD Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Oct 24, 2023 | Nov 21, 2023 | Dec 07, 2023 | $0.240 | 0.377% |
2 | Jul 25, 2023 | Aug 16, 2023 | Sep 07, 2023 | $0.240 | 0.342% |
3 | Apr 28, 2023 | May 24, 2023 | Jun 13, 2023 | $0.240 | 0.235% |
4 | Feb 07, 2023 | Mar 01, 2023 | Mar 17, 2023 | $0.240 | 0.233% |
5 | Oct 22, 2022 | Nov 22, 2022 | Dec 08, 2022 | $0.240 | 0.223% |
FAQ
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