SP Plus Corporation Stock Forecast
Stronger technical forecast for SP Plus Corporation stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The SP Plus Corporation stock price gained 1.14% on the last trading day (Tuesday, 23rd Apr 2024), rising from $50.21 to $50.78. During the last trading day the stock fluctuated 1.59% from a day low at $50.12 to a day high of $50.92. The price has fallen in 8 of the last 10 days and is down by -2.29% for this period. Volume fell on the last day by -87 thousand shares and in total, 261 thousand shares were bought and sold for approximately $13.26 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 is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect SP Plus Corporation stock with a 90% probability to be traded between $50.23 and $52.32 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.
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SP Signals & Forecast
The SP Plus Corporation 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 $51.09 and $51.72. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 1.14%. Further rise is indicated until a new top pivot has been found. 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 SP Plus Corporation stock
SP Plus Corporation finds support from accumulated volume at $50.68 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.796 between high and low, or 1.59%. For the last week the stock has had daily average volatility of 2.24%.
SP Plus Corporation is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $47.94 (-5.59%) (This stock has low daily movements and this gives low risk. Low RSI14 is 24 which reduces the risk some. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (SP) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect SP Plus Corporation to open at $50.61, and during the day (based on 14 day Average True Range), to move between $50.22 and $51.34, which gives a possible trading interval of +/-$0.559 (+/-1.10%) up or down from last closing price. If SP Plus Corporation takes out the full calculated possible swing range there will be an estimated 2.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $50.68 (0.20%) than the resistance at $51.11 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
SP Plus Corporation will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.670. We will update the financials statements for SP Plus Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.45% in the first trading day after earnings release.
Is SP Plus Corporation stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.292 Buy Candidate Upgraded
Predicted Opening Price for SP Plus Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $50.61 ( 0.339%) | $50.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.40 | 1.23 % | |
| R2 | 51.10 | 0.630 % | ||
| R1 | 50.91 | 0.260 % | ||
| Current price: | 50.78 | |||
| Support | S1 | 50.30 | -0.94 % | |
| S2 | 50.12 | -1.31 % | ||
| S3 | 49.81 | -1.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.33 | 1.08 % | |
| R2 | 51.31 | 1.04 % | ||
| R1 | 51.11 | 0.650 % | ||
| Current price | 50.78 | |||
| Support | S1 | 50.68 | -0.197% | |
| S2 | 50.21 | -1.12% | ||
| S3 | 0 | . |
FAQ
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