Stronger technical forecast for Simpson Manufacturing Company Inc stock price after Friday trading.
(Updated on Dec 01, 2023)
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Given the current short-term trend, the stock is expected to rise 2.50% during the next 3 months and, with a 90% probability hold a price between $130.95 and $176.80 at the end of this 3-month period.
SSD Signals & Forecast
Mostly positive signals in the chart today. The Simpson Manufacturing Company Inc 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 $165.34 and $145.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 24, 2023, and so far it has risen 36.98%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Simpson Manufacturing Company Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $143.06 and $140.79. 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, Simpson Manufacturing Company Inc finds support just below today's level at $143.06. If this is broken, then the next support from accumulated volume will be at $140.79 and $131.75.
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 $6.36 between high and low, or 3.82%. For the last week, the stock has had daily average volatility of 2.29%.
The Simpson Manufacturing Company Inc 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. 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: $166.87 (-3.26%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 27 days ago.)
Trading Expectations (SSD) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Simpson Manufacturing Company Inc to open at $170.61, and during the day (based on 14 day Average True Range), to move between $168.41 and $176.57, which gives a possible trading interval of +/-$4.08 (+/-2.36%) up or down from last closing price. If Simpson Manufacturing Company Inc takes out the full calculated possible swing range there will be an estimated 4.73% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $143.06, some $29.43 (17.06%) from the current price of $172.49, our system finds the risk reward attractive.
Is Simpson Manufacturing Company Inc stock A Buy?
Simpson Manufacturing Company Inc holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.139 Open Broker AccountStrong Buy Candidate Upgraded
Predicted Opening Price for Simpson Manufacturing Company Inc of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 4, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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