TrueBlue Inc Stock Forecast
TrueBlue Inc stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The TrueBlue Inc stock price fell by -0.283% on the last day (Tuesday, 7th May 2024) from $10.59 to $10.56. During the last trading day the stock fluctuated 6.97% from a day low at $10.40 to a day high of $11.13. The price has been going up and down for this period, and there has been a -2.85% loss for the last 2 weeks. Volume has increased on the last day by 240 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 521 thousand shares were bought and sold for approximately $5.51 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -15.58% during the next 3 months and, with a 90% probability hold a price between $8.37 and $9.77 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TBI Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 1.54%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The TrueBlue Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $11.25. On a fall, the stock will find some support from the short-term average at $10.54. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 TrueBlue Inc stock
TrueBlue Inc finds support from accumulated volume at $10.55 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 $0.725 between high and low, or 6.97%. For the last week, the stock has had daily average volatility of 3.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TBI) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect TrueBlue Inc to open at $10.70, and during the day (based on 14 day Average True Range), to move between $10.21 and $10.91, which gives a possible trading interval of +/-$0.354 (+/-3.35%) up or down from last closing price. If TrueBlue Inc takes out the full calculated possible swing range there will be an estimated 6.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $10.55 (0.09%) than the resistance at $11.59 (9.75%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is TrueBlue Inc stock A Buy?
TrueBlue Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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: -2.160 Sell Candidate Downgraded
Predicted Opening Price for TrueBlue Inc of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $10.70 ( 1.28%) | $10.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TBI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.42 | 8.14 % | |
| R2 | 11.14 | 5.52 % | ||
| R1 | 10.97 | 3.90 % | ||
| Current price: | 10.56 | |||
| Support | S1 | 10.42 | -1.34 % | |
| S2 | 10.25 | -2.96 % | ||
| S3 | 9.97 | -5.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.74 | 11.17 % | |
| R2 | 11.69 | 10.70 % | ||
| R1 | 11.59 | 9.75 % | ||
| Current price | 10.56 | |||
| Support | S1 | 10.55 | -0.0947% | |
| S2 | 10.45 | -1.04% | ||
| S3 | 10.40 | -1.52% |
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