Office Depot Stock Forecast
Office Depot stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Mar 28, 2024)
The Office Depot stock price gained 1.22% on the last trading day (Thursday, 28th Mar 2024), rising from $52.41 to $53.05. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.96% from a day low at $52.51 to a day high of $53.54. The price has risen in 8 of the last 10 days and is up by 5.3% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 96 thousand more shares were traded than the day before. In total, 326 thousand shares were bought and sold for approximately $17.28 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 Office Depot stock with a 90% probability to be traded between $48.93 and $55.56 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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ODP Signals & Forecast
Mostly positive signals in the chart today. The Office Depot stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $52.01 and $52.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 5.82%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Office Depot stock
Office Depot finds support from accumulated volume at $52.30 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.03 between high and low, or 1.96%. For the last week, the stock has had daily average volatility of 2.10%.
Our recommended stop-loss: $50.71 (-4.40%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (ODP) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Office Depot to open at $53.03, and during the day (based on 14 day Average True Range), to move between $51.70 and $54.40, which gives a possible trading interval of +/-$1.35 (+/-2.55%) up or down from last closing price. If Office Depot takes out the full calculated possible swing range there will be an estimated 5.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $52.30 (1.41%) than the resistance at $54.41 (2.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Office Depot 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 Office Depot 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: 1.543 Buy Candidate Upgraded
Predicted Opening Price for Office Depot of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$53.03 ( 0.0314%) | $53.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 54.06 | 1.91 % | |
R2 | 53.67 | 1.17 % | ||
R1 | 53.43 | 0.710 % | ||
Current price: | 53.05 | |||
Support | S1 | 52.64 | -0.773 % | |
S2 | 52.40 | -1.23 % | ||
S3 | 52.00 | -1.97 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 56.48 | 6.47 % | |
R2 | 54.96 | 3.60 % | ||
R1 | 54.41 | 2.56 % | ||
Current price | 53.05 | |||
Support | S1 | 52.30 | -1.41% | |
S2 | 51.49 | -2.94% | ||
S3 | 51.18 | -3.52% |
ODP Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 04, 2020 | Feb 28, 2020 | Jul 01, 2020 | $0.250 | 1.10% |
2 | Nov 06, 2019 | Nov 21, 2019 | Dec 13, 2019 | $0.250 | 1.02% |
3 | Aug 07, 2019 | Aug 22, 2019 | Sep 13, 2019 | $0.250 | 1.49% |
4 | May 08, 2019 | May 23, 2019 | Jun 14, 2019 | $0.250 | 1.32% |
5 | Feb 05, 2019 | Feb 28, 2019 | Mar 15, 2019 | $0.250 | 0.744% |
FAQ
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