Primoris Services Corp Stock Forecast
A very red day for Primoris Services Corp stock price after a -5.56% fall in the Friday trading session
(Updated on Apr 26, 2024)
The Primoris Services Corp stock price fell by -5.56% on the last day (Friday, 26th Apr 2024) from £4.50 to £4.25. During the last trading day the stock fluctuated 6.25% from a day low at £4.00 to a day high of £4.25. The price has been going up and down for this period, and there has been a 2.41% gain for the last 2 weeks. Volume has increased on the last day by 119 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 133 thousand shares were bought and sold for approximately £563.83 thousand.
The stock lies in the middle of a very wide and weak 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 5.26% during the next 3 months and, with a 90% probability hold a price between £3.90 and £6.17 at the end of this 3-month period.
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PRIM.L Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Primoris Services Corp 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 £4.46 and £4.68. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -15.00%. Further fall is indicated until a new bottom pivot has been found. Primoris Services Corp gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Primoris Services Corp stock
Primoris Services Corp finds support from accumulated volume at £4.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved £0.250 between high and low, or 6.25%. For the last week, the stock has had daily average volatility of 4.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PRIM.L) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Primoris Services Corp to open at £4.17, and during the day (based on 14 day Average True Range), to move between £3.57 and £4.93, which gives a possible trading interval of +/-£0.676 (+/-15.90%) up or down from last closing price. If Primoris Services Corp takes out the full calculated possible swing range there will be an estimated 31.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £4.35 (2.35%) than the support at £4.10 (3.53%), 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 Corp stock A Buy?
The Primoris Services Corp stock holds several negative signals and despite the positive trend, we believe Primoris Services Corp will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.502 Sell Candidate Downgraded
Predicted Opening Price for Primoris Services Corp of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| £4.17 ( 1.96%) | £4.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRIM.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.42 | 3.92 % | |
| R2 | 4.32 | 1.67 % | ||
| R1 | 4.26 | 0.286 % | ||
| Current price: | 4.25 | |||
| Support | S1 | 4.07 | -4.21 % | |
| S2 | 4.01 | -5.60 % | ||
| S3 | 3.92 | -7.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.25 | 23.53 % | |
| R2 | 5.00 | 17.65 % | ||
| R1 | 4.35 | 2.35 % | ||
| Current price | 4.25 | |||
| Support | S1 | 4.10 | -3.53% | |
| S2 | 4.00 | -5.88% | ||
| S3 | 3.90 | -8.24% |
PRIM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 28, 2024 | Mar 28, 2024 | Apr 10, 2024 | £0.0150 | 0.333% |
| 2 | Mar 21, 2024 | Mar 21, 2024 | Apr 10, 2024 | £0.0150 | 0.333% |
| 3 | Mar 18, 2003 | Apr 23, 2003 | May 20, 2003 | £20.00 | 1.36% |
FAQ
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