Ollie stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Dec 01, 2023)
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The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $73.30 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.35% during the next 3 months and, with a 90% probability hold a price between $75.02 and $83.93 at the end of this 3-month period.
OLLI Signals & Forecast
The Ollie 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 $76.02 and $76.63. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Thursday, November 30, 2023, and so far it has risen 2.05%. 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.
Support, Risk & Stop-loss for Ollie stock
Ollie finds support from accumulated volume at $72.90 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 $3.22 (4.50%) between high and low. For the last week, the stock has had daily average volatility of 3.26%.
Our recommended stop-loss: $71.06 (-4.96%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (OLLI) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Ollie to open at $73.73, and during the day (based on 14 day Average True Range), to move between $72.52 and $77.02, which gives a possible trading interval of +/-$2.25 (+/-3.01%) up or down from last closing price. If Ollie takes out the full calculated possible swing range there will be an estimated 6.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $74.83 (0.08%) than the support at $72.90 (2.50%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ollie stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.847 Open Broker AccountBuy Candidate Upgraded
Predicted Opening Price for Ollie 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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