Towne Bank Stock Forecast
Towne Bank stock price ended at $26.17 on Thursday, after gaining 1.32%.
(Updated on Apr 18, 2024)
The Towne Bank stock price gained 1.32% on the last trading day (Thursday, 18th Apr 2024), rising from $25.83 to $26.17. During the last trading day the stock fluctuated 1.59% from a day low at $25.85 to a day high of $26.26. The price has fallen in 6 of the last 10 days and is down by -3.65% for this period. Volume fell on the last day by -16 thousand shares and in total, 210 thousand shares were bought and sold for approximately $5.50 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 lies in the middle of a 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 -6.75% during the next 3 months and, with a 90% probability hold a price between $23.48 and $25.75 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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TOWN Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 1.32%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Towne Bank 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 $26.18 and $26.94. 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).
A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 13.98% to $29.83 within 23 trading days since signal was issued (Friday, April 19, 2024).
Support, Risk & Stop-loss for Towne Bank stock
Towne Bank finds support from accumulated volume at $26.09 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.410 (1.59%) between high and low. For the last week, the stock has had daily average volatility of 1.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TOWN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Towne Bank to open at $26.09, and during the day (based on 14 day Average True Range), to move between $25.56 and $26.78, which gives a possible trading interval of +/-$0.613 (+/-2.34%) up or down from last closing price. If Towne Bank takes out the full calculated possible swing range there will be an estimated 4.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $26.09 (0.31%) than the resistance at $26.57 (1.53%), 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
Towne Bank will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.470. We will update the financials statements for Towne Bank, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.78% in the first trading day after earnings release.
Is Towne Bank stock A Buy?
Towne Bank holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.122 Sell Candidate Unchanged
Predicted Opening Price for Towne Bank of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $26.09 ( 0.293%) | $26.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TOWN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.50 | 1.27 % | |
| R2 | 26.35 | 0.675 % | ||
| R1 | 26.25 | 0.306 % | ||
| Current price: | 26.17 | |||
| Support | S1 | 25.94 | -0.89 % | |
| S2 | 25.84 | -1.26 % | ||
| S3 | 25.68 | -1.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.50 | 5.08 % | |
| R2 | 27.11 | 3.59 % | ||
| R1 | 26.57 | 1.53 % | ||
| Current price | 26.17 | |||
| Support | S1 | 26.09 | -0.306% | |
| S2 | 25.95 | -0.84% | ||
| S3 | 25.83 | -1.30% |
TOWN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 28, 2024 | Mar 27, 2024 | Apr 12, 2024 | $0.250 | 0.95% |
| 2 | Nov 29, 2023 | Dec 28, 2023 | Jan 12, 2024 | $0.250 | 0.87% |
| 3 | Aug 23, 2023 | Sep 28, 2023 | Oct 13, 2023 | $0.250 | 1.11% |
| 4 | May 23, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.250 | 1.03% |
| 5 | Feb 22, 2023 | Mar 29, 2023 | Apr 12, 2023 | $0.230 | 0.90% |
FAQ
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