Green day on Friday for Independent Bank Corp. stock after gaining 4.82%
(Updated on Dec 01, 2023)
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The stock lies in the upper part of a very wide and strong rising 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 $60.41 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 10.14% during the next 3 months and, with a 90% probability hold a price between $52.72 and $66.54 at the end of this 3-month period.
INDB Signals & Forecast
The Independent Bank Corp. 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 $56.55 and $52.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 24, 2023, and so far it has risen 31.54%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Independent Bank Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $51.14 and $48.80. 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, Independent Bank Corp. finds support just below today's level at $51.14. If this is broken, then the next support from accumulated volume will be at $48.80 and $48.20.
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 $5.03 between high and low, or 9.02%. For the last week, the stock has had daily average volatility of 3.28%.
The Independent Bank Corp. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $58.06 (-2.86%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 27 days ago.)
Trading Expectations (INDB) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Independent Bank Corp. to open at $58.79, and during the day (based on 14 day Average True Range), to move between $57.95 and $61.59, which gives a possible trading interval of +/-$1.82 (+/-3.05%) up or down from last closing price. If Independent Bank Corp. takes out the full calculated possible swing range there will be an estimated 6.09% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $51.14, some $8.63 (14.44%) from the current price of $59.77, our system finds the risk reward attractive.
Is Independent Bank Corp. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Independent Bank Corp. stock to perform well in the short-term.
Current score: 4.988 Open Broker AccountBuy Candidate Unchanged
Predicted Opening Price for Independent Bank Corp. of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 4, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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