Global Partners LP Stock Forecast
Weaker technical forecast for Global Partners LP as stock downgraded to Hold/Accumulate.
(Updated on Jul 02, 2024)
The Global Partners LP stock price fell by -1.56% on the last day (Tuesday, 2nd Jul 2024) from $46.09 to $45.37. During the last trading day the stock fluctuated 3.02% from a day low at $45.03 to a day high of $46.39. The price has been going up and down for this period, and there has been a -3.47% loss for the last 2 weeks. 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 -7 thousand shares and in total, 24 thousand shares were bought and sold for approximately $1.11 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 Global Partners LP stock with a 90% probability to be traded between $42.81 and $51.14 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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GLP Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 1.84%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Global Partners LP 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 $45.66 and $46.08. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Global Partners LP stock
Global Partners LP finds support from accumulated volume at $45.22 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $1.36 between high and low, or 3.02%. For the last week the stock has had daily average volatility of 2.59%.
Our recommended stop-loss: $42.53 (-6.26%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (GLP) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Global Partners LP to open at $45.60, and during the day (based on 14 day Average True Range), to move between $43.87 and $46.87, which gives a possible trading interval of +/-$1.50 (+/-3.30%) up or down from last closing price. If Global Partners LP takes out the full calculated possible swing range there will be an estimated 6.59% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $45.22 (0.33%) than the resistance at $46.09 (1.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Global Partners LP stock A Buy?
Global Partners LP 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: 0.203 Hold/Accumulate Downgraded
Predicted Opening Price for Global Partners LP of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $45.60 ( 0.500%) | $45.37 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 46.96 | 3.50% |
| R2 | 46.44 | 2.35% |
| R1 | 46.12 | 1.64% |
| Price | 45.37 | |
| S1 | 45.08 | -0.645% |
| S2 | 44.76 | -1.35% |
| S3 | 44.24 | -2.50% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.06 | 10.34% |
| R2 | 48.87 | 7.71% |
| R1 | 46.09 | 1.59% |
| Price | 45.37 | |
| S1 | 45.22 | -0.331% |
| S2 | 44.55 | -1.81% |
| S3 | 41.61 | -8.29% |
GLP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 08, 2024 | May 15, 2024 | $0.710 | 1.63% |
| 2 | Jan 24, 2024 | Feb 07, 2024 | Feb 14, 2024 | $0.700 | 1.49% |
| 3 | Oct 24, 2023 | Nov 07, 2023 | Nov 14, 2023 | $0.690 | 2.08% |
| 4 | Jul 25, 2023 | Aug 07, 2023 | Aug 14, 2023 | $0.675 | 2.09% |
| 5 | Apr 25, 2023 | May 08, 2023 | May 15, 2023 | $0.655 | 2.11% |
FAQ
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