Old Dominion Freight Line Stock Forecast

Old Dominion Freight Line stock downgraded from Sell Candidate to Strong Sell Candidate after Wednesday trading session.
(Updated on Apr 17, 2024)

ODFL Signals & Forecast

There are few to no technical positive signals at the moment. The Old Dominion Freight Line 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 $218.53 and $348.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -52.76%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Old Dominion Freight Line stock

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $10.82 between high and low, or 5.22%. For the last week, the stock has had daily average volatility of 3.10%.

Old Dominion Freight Line is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (ODFL) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Old Dominion Freight Line to open at $211.96, and during the day (based on 14 day Average True Range), to move between $196.84 and $224.78, which gives a possible trading interval of +/-$13.97 (+/-6.63%) up or down from last closing price. If Old Dominion Freight Line takes out the full calculated possible swing range there will be an estimated 13.25% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $219.31, some $8.50 (4.03%) from the current price of $210.81, our system finds the risk reward not very attractive.

Is Old Dominion Freight Line stock A Buy?

Old Dominion Freight Line holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.

Current score: -5.981 Strong Sell Candidate Downgraded

Predicted Opening Price for Old Dominion Freight Line of Thursday, April 18, 2024

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