Thu 22'nd Mar 2018
BlueLinx Holdings Inc Stock Analysis
Technical stock analysis for Thu 22'nd Mar 2018
BlueLinx Holdings Inc fell by -7.55% in the last day from $33.38 to $30.86 and has now fallen 4 days in a row. The price has risen in 7 of the last 10 days and is up by 96.06% over the past 2 weeks. Volume has increased in the last day by 80 351 shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 437 045 shares bought and sold for approximately $13.49 million.
|Shorts||0.24% ( 2018-02-28 )|
BlueLinx Holdings Inc 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 115.59% during the next 3 months and, with 90% probability hold a price between $40.69 and $81.29 at the end of this period.
There are mixed signals in the stock today. A sales signal was issued from a pivot top point on Monday March 19, 2018, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. BlueLinx Holdings Inc holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $34.50. On a fall, the stock will find some support from the long-term average at approximately $20.43. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal.
Relative Strength Index (RSI)
The stock holds a RSI14 at 76 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $28.03. On the upside the stock meets some resistance from accumulated volume at $34.06, $34.34 and $36.57.
With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
This stock may move much during a 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 $2.48 between high and low, or 8.08%. For the last week, the stock has had a daily average volatility of 6.90%.
Our recommended stoploss: $28.12 (-8.87%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from pivot top found 3 days ago.)
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Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.
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