Oppenheimer Holdings Inc Stock Forecast

Oppenheimer Holdings Inc stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 18, 2024)

OPY Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.780%. Further rise is indicated until a new top pivot has been found. Oppenheimer Holdings Inc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Oppenheimer Holdings Inc 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 $37.61 and $38.54. 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).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 10.62% to $41.46 within 21 trading days since signal was issued (Friday, April 19, 2024).

Support, Risk & Stop-loss for Oppenheimer Holdings Inc stock

Oppenheimer Holdings Inc finds support from accumulated volume at $37.45 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 $0.550 (1.49%) between high and low. For the last week, the stock has had daily average volatility of 1.69%.

Our recommended stop-loss: $35.16 (-6.18%) (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 (OPY) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Oppenheimer Holdings Inc to open at $37.30, and during the day (based on 14 day Average True Range), to move between $36.73 and $38.23, which gives a possible trading interval of +/-$0.754 (+/-2.01%) up or down from last closing price. If Oppenheimer Holdings Inc takes out the full calculated possible swing range there will be an estimated 4.02% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $37.45 (0.08%) than the resistance at $38.25 (2.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Oppenheimer Holdings Inc stock A Buy?

Oppenheimer Holdings Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.368 Hold/Accumulate Upgraded

Predicted Opening Price for Oppenheimer Holdings Inc of Friday, April 19, 2024

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