Stronger technical forecast for Independent Bank Group stock price after Monday trading.
(Updated on Sep 26, 2022)
Hold candidate since 2022-09-26 PDF
The Independent Bank Group stock price fell by -1.59% on the last day (Monday, 26th Sep 2022) from $65.54 to $64.50. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 2.41% from a day low at $64.21 to a day high of $65.75. The price has been going up and down for this period, and there has been a -5.31% loss for the last 2 weeks. Volume has increased on the last day by 33 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 213 thousand shares were bought and sold for approximately $13.77 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $64.06 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -2.21% during the next 3 months and, with a 90% probability hold a price between $62.65 and $73.32 at the end of this 3-month period.
Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, September 06, 2022, and so far it has risen 0.0931%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Independent Bank Group 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 $67.62 and $69.37. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.55 (2.41%) between high and low. For the last week, the stock has had daily average volatility of 2.73%.
Our recommended stop-loss: $61.28 (-4.99%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations For The Upcoming Trading Day Of Tuesday 27th
For the upcoming trading day on Tuesday, 27th we expect Independent Bank Group to open at $64.82, and during the day (based on 14 day Average True Range), to move between $62.64 and $66.36, which gives a possible trading interval of +/-$1.86 (+/-2.88%) up or down from last closing price. If Independent Bank Group takes out the full calculated possible swing range there will be an estimated 5.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $64.44 (0.09%) than the resistance at $66.76 (3.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Independent Bank Group stock A Buy?
Independent Bank Group 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.114Hold/Accumulate Upgraded
Predicted Opening Price for Independent Bank Group of Tuesday, September 27, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price September 27, 2022||Current price|
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About Independent Bank Group
Independent Bank Group, Inc. operates as the bank holding company for Independent Bank that provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit. The company also provides commercial real estate loans; commercial construction, land... IBTX Profile
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