BlueLinx Holdings Inc Stock Forecast

BlueLinx Holdings Inc stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)

BXC Signals & Forecast

There are mixed signals in the stock today. The BlueLinx Holdings 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 $120.76. On a fall, the stock will find some support from the short-term average at $111.11. 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). A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.65%. 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.

Support, Risk & Stop-loss for BlueLinx Holdings Inc stock

BlueLinx Holdings Inc finds support from accumulated volume at $112.31 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $5.51 between high and low, or 5.05%. For the last week, the stock has had daily average volatility of 3.82%.

BlueLinx Holdings Inc is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $108.42 (-4.55%) (This stock has high daily movements and this gives high risk. Low RSI14 is 23 which reduces the risk some. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (BXC) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect BlueLinx Holdings Inc to open at $112.37, and during the day (based on 14 day Average True Range), to move between $109.45 and $117.73, which gives a possible trading interval of +/-$4.14 (+/-3.65%) up or down from last closing price. If BlueLinx Holdings Inc takes out the full calculated possible swing range there will be an estimated 7.29% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $114.85 (1.11%) than the support at $112.31 (1.13%), 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 BlueLinx Holdings Inc stock A Buy?

BlueLinx Holdings 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: -0.728 Hold/Accumulate Upgraded

Predicted Opening Price for BlueLinx Holdings Inc of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.