Patrick Industries Stock Forecast
Green day on Friday for Patrick Industries stock after gaining 0.716%
(Updated on May 03, 2024)
The Patrick Industries stock price gained 0.716% on the last trading day (Friday, 3rd May 2024), rising from $110.34 to $111.13. During the last trading day the stock fluctuated 4.45% from a day low at $108.42 to a day high of $113.24. The price has risen in 6 of the last 10 days and is up by 7.48% over the past 2 weeks. Volume fell on the last day by -122 thousand shares and in total, 224 thousand shares were bought and sold for approximately $24.87 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.09% during the next 3 months and, with a 90% probability hold a price between $98.82 and $115.90 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PATK Signals & Forecast
Mostly positive signals in the chart today. The Patrick Industries 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 $106.73 and $110.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 8.27%. 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 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 Patrick Industries stock
Patrick Industries finds support from accumulated volume at $110.95 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 $4.82 between high and low, or 4.45%. For the last week, the stock has had daily average volatility of 4.21%.
Our recommended stop-loss: $106.92 (-3.79%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (PATK) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Patrick Industries to open at $110.93, and during the day (based on 14 day Average True Range), to move between $107.50 and $114.76, which gives a possible trading interval of +/-$3.63 (+/-3.27%) up or down from last closing price. If Patrick Industries takes out the full calculated possible swing range there will be an estimated 6.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $110.95 (0.16%) than the resistance at $112.59 (1.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Patrick Industries stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 4.291 Buy Candidate Unchanged
Predicted Opening Price for Patrick Industries of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $110.93 ( 0.181%) | $111.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PATK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 115.75 | 4.16 % | |
| R2 | 113.91 | 2.50 % | ||
| R1 | 112.77 | 1.48 % | ||
| Current price: | 111.13 | |||
| Support | S1 | 109.09 | -1.84 % | |
| S2 | 107.95 | -2.86 % | ||
| S3 | 106.11 | -4.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 112.76 | 1.47 % | |
| R2 | 112.73 | 1.44 % | ||
| R1 | 112.59 | 1.31 % | ||
| Current price | 111.13 | |||
| Support | S1 | 110.95 | -0.162% | |
| S2 | 110.34 | -0.711% | ||
| S3 | 109.15 | -1.78% |
PATK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 05, 2024 | Feb 16, 2024 | Mar 04, 2024 | $0.550 | 0.455% |
| 2 | Nov 15, 2023 | Nov 24, 2023 | Dec 11, 2023 | $0.550 | 0.622% |
| 3 | Aug 17, 2023 | Aug 25, 2023 | Sep 11, 2023 | $0.450 | 0.584% |
| 4 | May 25, 2023 | Jun 09, 2023 | Jun 26, 2023 | $0.450 | 0.598% |
| 5 | Feb 06, 2023 | Feb 17, 2023 | Mar 06, 2023 | $0.450 | 0.616% |
FAQ
Click here for our free guide on how to buy Patrick Industries Stock.
