First BanCorp Stock Forecast
Evaluation of First BanCorp stock downgraded after the last trading session.
(Updated on Apr 25, 2024)
The First BanCorp stock price fell by -0.678% on the last day (Thursday, 25th Apr 2024) from $17.70 to $17.58. During the last trading day the stock fluctuated 2.38% from a day low at $17.25 to a day high of $17.66. The price has fallen in 5 of the last 10 days but is still up by 4.77% over the past 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 -286 thousand shares and in total, 1 million shares were bought and sold for approximately $18.71 million.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $17.71 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.00% during the next 3 months and, with a 90% probability hold a price between $16.66 and $18.07 at the end of this 3-month period.
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FBP Signals & Forecast
The First BanCorp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $17.04 and $16.97. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -0.678%. 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.
A buy signal from a double bottom formation was found on Tuesday, April 16, 2024 and based on theory for this formation the price should go up by 5.93% to $18.62 within 22 trading days since signal was issued (Friday, April 26, 2024).
Support, Risk & Stop-loss for First BanCorp stock
First BanCorp finds support from accumulated volume at $16.90 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 $0.410 (2.38%) between high and low. For the last week, the stock has had daily average volatility of 3.09%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FBP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect First BanCorp to open at $17.50, and during the day (based on 14 day Average True Range), to move between $17.15 and $18.01, which gives a possible trading interval of +/-$0.428 (+/-2.43%) up or down from last closing price. If First BanCorp takes out the full calculated possible swing range there will be an estimated 4.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $17.70 (0.68%) than the support at $16.90 (3.87%), 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 First BanCorp stock A Buy?
First BanCorp holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Hold/Accumulate to a Sell candidate.
Current score: -1.482 Sell Candidate Downgraded
Predicted Opening Price for First BanCorp of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $17.50 ( 0.474%) | $17.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FBP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.91 | 1.86 % | |
| R2 | 17.75 | 0.97 % | ||
| R1 | 17.65 | 0.417 % | ||
| Current price: | 17.58 | |||
| Support | S1 | 17.34 | -1.36 % | |
| S2 | 17.24 | -1.92 % | ||
| S3 | 17.09 | -2.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 17.70 | 0.683 % | ||
| Current price | 17.58 | |||
| Support | S1 | 16.90 | -3.87% | |
| S2 | 16.49 | -6.20% | ||
| S3 | 16.48 | -6.26% |
FBP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 08, 2024 | Feb 22, 2024 | Mar 08, 2024 | $0.160 | 0.93% |
| 2 | Oct 31, 2023 | Nov 22, 2023 | Dec 08, 2023 | $0.140 | 0.87% |
| 3 | Jul 24, 2023 | Aug 23, 2023 | Sep 08, 2023 | $0.140 | 1.01% |
| 4 | Apr 27, 2023 | May 23, 2023 | Jun 09, 2023 | $0.140 | 1.10% |
| 5 | Feb 09, 2023 | Feb 23, 2023 | Mar 10, 2023 | $0.140 | 1.09% |
FAQ
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