Universal Forest Products Stock Forecast
Universal Forest Products stock upgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Universal Forest Products stock price gained 1.00% on the last trading day (Friday, 3rd May 2024), rising from $115.49 to $116.65. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.79% from a day low at $115.59 to a day high of $118.82. The price has risen in 7 of the last 10 days and is up by 4.35% over the past 2 weeks. Volume fell on the last day by -115 thousand shares and in total, 179 thousand shares were bought and sold for approximately $20.90 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 is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Universal Forest Products stock with a 90% probability to be traded between $109.45 and $122.51 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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UFPI Signals & Forecast
The Universal Forest Products 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 $114.26 and $116.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.42%. 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.
Support, Risk & Stop-loss for Universal Forest Products stock
Universal Forest Products finds support from accumulated volume at $115.62 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 $3.23 (2.79%) between high and low. For the last week, the stock has had daily average volatility of 2.91%.
Our recommended stop-loss: $111.47 (-4.44%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (UFPI) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Universal Forest Products to open at $117.02, and during the day (based on 14 day Average True Range), to move between $113.60 and $119.70, which gives a possible trading interval of +/-$3.05 (+/-2.61%) up or down from last closing price. If Universal Forest Products takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $115.62 (0.88%) than the resistance at $118.63 (1.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Universal Forest Products stock A Buy?
Universal Forest Products holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.544 Hold/Accumulate Upgraded
Predicted Opening Price for Universal Forest Products of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $117.02 ( 0.317%) | $116.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UFPI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 120.25 | 3.09 % | |
| R2 | 119.02 | 2.03 % | ||
| R1 | 118.25 | 1.37 % | ||
| Current price: | 116.65 | |||
| Support | S1 | 115.79 | -0.741 % | |
| S2 | 115.02 | -1.39 % | ||
| S3 | 113.79 | -2.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 119.13 | 2.13 % | |
| R2 | 118.90 | 1.93 % | ||
| R1 | 118.63 | 1.70 % | ||
| Current price | 116.65 | |||
| Support | S1 | 115.62 | -0.88% | |
| S2 | 115.49 | -0.99% | ||
| S3 | 110.06 | -5.65% |
UFPI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 24, 2024 | Jun 03, 2024 | Jun 17, 2024 | $0.330 | 0.283% |
| 2 | Apr 24, 2024 | May 31, 2024 | Jun 17, 2024 | $0.330 | 0.283% |
| 3 | Feb 01, 2024 | Feb 29, 2024 | Mar 15, 2024 | $0.330 | 0.285% |
| 4 | Oct 24, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.300 | 0.243% |
| 5 | Jul 26, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.300 | 0.293% |
FAQ
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