Northwest Bancshares Stock Forecast

Stronger technical forecast for Northwest Bancshares stock price after Tuesday trading.
(Updated on Jul 02, 2024)

NWBI Signals & Forecast

The Northwest Bancshares 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 $11.28 and $11.03. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Friday, June 28, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, June 11, 2024 and based on theory for this formation the price should go up by 4.04% to $12.02 within 29 trading days (Wednesday, July 24, 2024) since signal was issued.

Support, Risk & Stop-loss for Northwest Bancshares stock

Northwest Bancshares finds support from accumulated volume at $11.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.150 (1.31%) between high and low. For the last week, the stock has had daily average volatility of 1.98%.

The Northwest Bancshares 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: $11.21 (-2.94%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (NWBI) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Northwest Bancshares to open at $11.52, and during the day (based on 14 day Average True Range), to move between $11.34 and $11.76, which gives a possible trading interval of +/-$0.207 (+/-1.79%) up or down from last closing price. If Northwest Bancshares takes out the full calculated possible swing range there will be an estimated 3.58% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $11.11, some $0.440 (3.81%) from the current price of $11.55, our system finds the risk reward attractive.

Is Northwest Bancshares stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Northwest Bancshares stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.878 Buy Candidate Upgraded

Predicted Opening Price for Northwest Bancshares of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.