UFP Technologies Stock Forecast
UFP Technologies stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The UFP Technologies stock price fell by -1.66% on the last day (Friday, 14th Jun 2024) from $256.00 to $251.76. During the last trading day the stock fluctuated 2.22% from a day low at $250.40 to a day high of $255.96. The price has been going up and down for this period, and there has been a -3.3% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 thousand shares and in total, 28 thousand shares were bought and sold for approximately $6.93 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 14.47% during the next 3 months and, with a 90% probability hold a price between $256.34 and $320.82 at the end of this 3-month period.
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UFPT Signals & Forecast
There are few to no technical positive signals at the moment. The UFP Technologies 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 $252.40 and $252.66. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 29, 2024, and so far it has fallen -4.28%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for UFP Technologies stock
UFP Technologies finds support from accumulated volume at $244.60 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 $5.57 (2.22%) between high and low. For the last week, the stock has had daily average volatility of 3.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (UFPT) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect UFP Technologies to open at $252.71, and during the day (based on 14 day Average True Range), to move between $242.37 and $261.15, which gives a possible trading interval of +/-$9.39 (+/-3.73%) up or down from last closing price. If UFP Technologies takes out the full calculated possible swing range there will be an estimated 7.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $252.20 (0.17%) than the support at $244.60 (2.84%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is UFP Technologies stock A Buy?
The UFP Technologies stock holds several negative signals and despite the positive trend, we believe UFP Technologies will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -2.336 Sell Candidate Downgraded
Predicted Opening Price for UFP Technologies of Monday, June 17, 2024
Fair opening price June 17, 2024 | Current price |
---|---|
$252.71 ( 0.375%) | $251.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UFPT
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 258.27 | 2.59% |
R2 | 256.14 | 1.74% |
R1 | 254.83 | 1.22% |
Price | 251.76 | |
S1 | 250.58 | -0.469% |
S2 | 249.27 | -0.99% |
S3 | 247.14 | -1.84% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 261.42 | 3.84% |
R2 | 255.28 | 1.40% |
R1 | 252.20 | 0.175% |
Price | 251.76 | |
S1 | 244.60 | -2.84% |
S2 | 240.62 | -4.42% |
S3 | 235.84 | -6.32% |
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