Sally Beauty Holdings Inc stock price ended on $9.74 on Wednesday after losing 1.32%
(Updated on Nov 29, 2023)
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The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $10.04 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Sally Beauty Holdings Inc stock with a 90% probability to be traded between $7.11 and $9.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
SBH Signals & Forecast
The Sally Beauty Holdings Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $9.77. On a fall, the stock will find some support from the long-term average at approximately $8.64. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, November 24, 2023, and so far it has fallen -3.08%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Sally Beauty Holdings Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $8.80 and $8.45. 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, Sally Beauty Holdings Inc finds support just below today's level at $8.80. If this is broken, then the next support from accumulated volume will be at $8.45 and $8.34.
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 $0.500 between high and low, or 5.20%. For the last week, the stock has had daily average volatility of 3.69%.
Our recommended stop-loss: $9.37 (-3.77%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (SBH) For The Upcoming Trading Day Of Thursday 30th
For the upcoming trading day on Thursday, 30th we expect Sally Beauty Holdings Inc to open at $9.82, and during the day (based on 14 day Average True Range), to move between $9.29 and $10.19, which gives a possible trading interval of +/-$0.452 (+/-4.64%) up or down from last closing price. If Sally Beauty Holdings Inc takes out the full calculated possible swing range there will be an estimated 9.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.80 (0.62%) than the support at $8.80 (9.65%), 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 Sally Beauty Holdings Inc stock A Buy?
Sally Beauty Holdings Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.365 Open Broker AccountHold/Accumulate Unchanged
Predicted Opening Price for Sally Beauty Holdings Inc of Thursday, November 30, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 30, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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