On Assignment Inc Stock Forecast
On Assignment Inc stock upgraded to Hold/Accumulate.
(Updated on Apr 18, 2024)
The On Assignment Inc stock price gained 0.87% on the last trading day (Thursday, 18th Apr 2024), rising from $94.73 to $95.55. During the last trading day the stock fluctuated 2.35% from a day low at $94.72 to a day high of $96.95. The price has fallen in 5 of the last 10 days and is down by -3.03% for this period. Volume fell on the last day by -35 thousand shares and in total, 260 thousand shares were bought and sold for approximately $24.88 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 lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $94.83 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 5.93% during the next 3 months and, with a 90% probability hold a price between $100.45 and $112.40 at the end of this 3-month period.
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ASGN Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.87%. 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 On Assignment 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 $100.24. On a fall, the stock will find some support from the short-term average at $95.41. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for On Assignment Inc stock
On Assignment Inc finds support from accumulated volume at $94.82 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 $2.22 between high and low, or 2.35%. For the last week, the stock has had daily average volatility of 1.71%.
On Assignment Inc is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: $89.94 (-5.87%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 15 which reduces the risk some. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (ASGN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect On Assignment Inc to open at $95.74, and during the day (based on 14 day Average True Range), to move between $93.53 and $97.57, which gives a possible trading interval of +/-$2.02 (+/-2.11%) up or down from last closing price. If On Assignment Inc takes out the full calculated possible swing range there will be an estimated 4.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $95.57 (0.02%) than the support at $94.82 (0.76%), 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.
Earnings coming up
On Assignment Inc will release earnings AMC on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.09. We will update the financials statements for On Assignment Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.98% in the first trading day after earnings release.
Is On Assignment Inc stock A Buy?
On Assignment Inc 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: -0.470 Hold/Accumulate Upgraded
Predicted Opening Price for On Assignment Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $95.74 ( 0.197%) | $95.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ASGN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 97.96 | 2.53 % | |
| R2 | 97.11 | 1.64 % | ||
| R1 | 96.59 | 1.09 % | ||
| Current price: | 95.55 | |||
| Support | S1 | 94.89 | -0.692 % | |
| S2 | 94.36 | -1.24 % | ||
| S3 | 93.51 | -2.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 104.76 | 9.64 % | |
| R2 | 96.50 | 0.99 % | ||
| R1 | 95.57 | 0.0209 % | ||
| Current price | 95.55 | |||
| Support | S1 | 94.82 | -0.764% | |
| S2 | 94.73 | -0.86% | ||
| S3 | 92.16 | -3.55% |
FAQ
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