Old National Bancorp Stock Forecast

Stronger technical forecast for Old National Bancorp stock price after Wednesday trading.
(Updated on Apr 24, 2024)

ONB Signals & Forecast

The Old National Bancorp 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 $16.07 and $16.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.17%. 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). The stock had a Golden Star Signal on Friday, March 01, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Old National Bancorp stock

Old National Bancorp finds support from accumulated volume at $16.40 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 $0.330 between high and low, or 2.02%. For the last week, the stock has had daily average volatility of 2.86%.

Since the Old National Bancorp has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $16.01 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (ONB) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Old National Bancorp to open at $16.51, and during the day (based on 14 day Average True Range), to move between $16.13 and $17.05, which gives a possible trading interval of +/-$0.461 (+/-2.78%) up or down from last closing price. If Old National Bancorp takes out the full calculated possible swing range there will be an estimated 5.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $16.65 (0.36%) than the support at $16.40 (1.15%), 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 Old National Bancorp stock A Buy?

Old National Bancorp holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.671 Hold/Accumulate Upgraded

Predicted Opening Price for Old National Bancorp of Thursday, April 25, 2024

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