Spectrum Brands Holdings Inc Stock Forecast

Evaluation of Spectrum Brands Holdings Inc stock downgraded after the last trading session.
(Updated on Apr 17, 2024)

SPB Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.713%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Spectrum Brands Holdings Inc 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 $80.49 and $83.55. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Monday, April 15, 2024 and based on theory for this formation the price should go up by 16.50% to $92.20 within 34 trading days since signal was issued (Thursday, April 18, 2024).

Support, Risk & Stop-loss for Spectrum Brands Holdings Inc stock

Spectrum Brands Holdings Inc finds support from accumulated volume at $78.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $1.22 between high and low, or 1.55%. For the last week, the stock has had daily average volatility of 1.93%.

Spectrum Brands Holdings Inc is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SPB) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Spectrum Brands Holdings Inc to open at $79.31, and during the day (based on 14 day Average True Range), to move between $77.45 and $80.83, which gives a possible trading interval of +/-$1.69 (+/-2.13%) up or down from last closing price. If Spectrum Brands Holdings Inc takes out the full calculated possible swing range there will be an estimated 4.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $78.85 (0.37%) than the resistance at $79.97 (1.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Spectrum Brands Holdings Inc stock A Buy?

The Spectrum Brands Holdings Inc stock holds several negative signals and despite the positive trend, we believe Spectrum Brands Holdings Inc 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: -1.894 Sell Candidate Downgraded

Predicted Opening Price for Spectrum Brands Holdings Inc of Thursday, April 18, 2024

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