Towne Bank Stock Forecast
Towne Bank stock upgraded to Buy Candidate.
(Updated on May 02, 2024)
The Towne Bank stock price gained 1.69% on the last trading day (Thursday, 2nd May 2024), rising from $26.58 to $27.03. During the last trading day the stock fluctuated 3.75% from a day low at $26.11 to a day high of $27.09. The price has been going up and down for this period, and there has been a 3.29% gain for the last 2 weeks. Volume fell on the last day by -12 thousand shares and in total, 206 thousand shares were bought and sold for approximately $5.56 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 -2.28% during the next 3 months and, with a 90% probability hold a price between $25.01 and $27.17 at the end of this 3-month period.
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TOWN Signals & Forecast
Mostly positive signals in the chart today. The Towne Bank stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $26.79 and $26.89. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 4.48%. 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 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.
A buy signal from a double bottom formation was found on Tuesday, April 30, 2024 and based on theory for this formation the price should go up by 8.39% to $29.30 within 9 trading days since signal was issued (Friday, May 03, 2024).
Support, Risk & Stop-loss for Towne Bank stock
Towne Bank finds support from accumulated volume at $27.00 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 $0.98 (3.75%) between high and low. For the last week, the stock has had daily average volatility of 2.73%.
Our recommended stop-loss: $26.01 (-3.77%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (TOWN) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Towne Bank to open at $26.74, and during the day (based on 14 day Average True Range), to move between $26.32 and $27.74, which gives a possible trading interval of +/-$0.714 (+/-2.64%) up or down from last closing price. If Towne Bank takes out the full calculated possible swing range there will be an estimated 5.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $27.00 (0.11%) than the resistance at $27.11 (0.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Towne Bank stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.232 Buy Candidate Upgraded
Predicted Opening Price for Towne Bank of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $26.74 ( 1.06%) | $27.03 |
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 | 27.72 | 2.57 % | |
| R2 | 27.35 | 1.18 % | ||
| R1 | 27.12 | 0.324 % | ||
| Current price: | 27.03 | |||
| Support | S1 | 26.37 | -2.45 % | |
| S2 | 26.14 | -3.30 % | ||
| S3 | 25.76 | -4.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.50 | 1.74 % | |
| R2 | 27.29 | 0.96 % | ||
| R1 | 27.11 | 0.296 % | ||
| Current price | 27.03 | |||
| Support | S1 | 27.00 | -0.111% | |
| S2 | 26.68 | -1.29% | ||
| S3 | 26.57 | -1.70% |
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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