Primoris Services Corporation Stock Forecast
Green day on Tuesday for Primoris Services Corporation
(Updated on Apr 23, 2024)
The Primoris Services Corporation stock price gained 2.04% on the last trading day (Tuesday, 23rd Apr 2024), rising from $44.50 to $45.41. 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 2.00% from a day low at $44.58 to a day high of $45.47. The price has fallen in 6 of the last 10 days and is down by -1.05% for this period. Volume fell on the last day by -141 thousand shares and in total, 263 thousand shares were bought and sold for approximately $11.96 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 strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 33.35% during the next 3 months and, with a 90% probability hold a price between $58.31 and $65.53 at the end of this 3-month period.
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PRIM Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -2.89%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Primoris Services Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $44.14 and $42.70. A breakdown below any of these levels will issue sell signals. 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 Primoris Services Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $40.86 and $39.51. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Primoris Services Corporation finds support just below today's level at $40.86. If this is broken, then the next support from accumulated volume will be at $39.51 and $37.76.
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 $0.89 between high and low, or 2.00%. For the last week, the stock has had daily average volatility of 2.86%.
Our recommended stop-loss: $43.60 (-3.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (PRIM) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Primoris Services Corporation to open at $45.15, and during the day (based on 14 day Average True Range), to move between $44.03 and $46.79, which gives a possible trading interval of +/-$1.38 (+/-3.04%) up or down from last closing price. If Primoris Services Corporation takes out the full calculated possible swing range there will be an estimated 6.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $45.50 (0.20%) than the support at $40.86 (10.02%), 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 Primoris Services Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Primoris Services Corporation stock to perform well in the short-term.
Current score: 3.176 Buy Candidate Unchanged
Predicted Opening Price for Primoris Services Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $45.15 ( 0.565%) | $45.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRIM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.04 | 1.39 % | |
| R2 | 45.70 | 0.646 % | ||
| R1 | 45.49 | 0.183 % | ||
| Current price: | 45.41 | |||
| Support | S1 | 44.81 | -1.31 % | |
| S2 | 44.60 | -1.78 % | ||
| S3 | 44.26 | -2.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.76 | 2.97 % | |
| R2 | 45.53 | 0.264 % | ||
| R1 | 45.50 | 0.198 % | ||
| Current price | 45.41 | |||
| Support | S1 | 40.86 | -10.02% | |
| S2 | 39.51 | -12.99% | ||
| S3 | 37.76 | -16.85% |
PRIM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0.0600 | 0.134% |
| 2 | Nov 07, 2023 | Dec 28, 2023 | Jan 12, 2024 | $0.0600 | 0.179% |
| 3 | Aug 02, 2023 | Sep 28, 2023 | Oct 13, 2023 | $0.0600 | 0.197% |
| 4 | May 03, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.0600 | 0.200% |
| 5 | Feb 22, 2023 | Mar 30, 2023 | Apr 14, 2023 | $0.0600 | 0.237% |
FAQ
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