Provident Bancorp Stock Forecast

Green day on Friday for Provident Bancorp
(Updated on May 03, 2024)

PVBC Signals & Forecast

Mostly positive signals in the chart today. The Provident Bancorp 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 $9.16 and $8.69. 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 25.00%. 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). Provident Bancorp 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.

Support, Risk & Stop-loss for Provident Bancorp stock

On the downside, the stock finds support just below today's level from accumulated volume at $7.95 and $7.89. 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, Provident Bancorp finds support just below today's level at $7.95. If this is broken, then the next support from accumulated volume will be at $7.89 and $7.79.

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 $0.210 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 4.20%.

The Provident Bancorp stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $9.32 (-3.46%) (This stock has high daily movements and this gives high risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (PVBC) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Provident Bancorp to open at $9.63, and during the day (based on 14 day Average True Range), to move between $9.26 and $10.04, which gives a possible trading interval of +/-$0.389 (+/-4.03%) up or down from last closing price. If Provident Bancorp takes out the full calculated possible swing range there will be an estimated 8.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $9.77 (1.24%) than the support at $7.95 (17.62%), 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 Provident Bancorp 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: 2.810 Buy Candidate Unchanged

Predicted Opening Price for Provident Bancorp of Monday, May 6, 2024

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