Forestar Group Inc Stock Forecast
Big movements in Forestar Group Inc stock price on Thursday moving 10.77% between high and low
(Updated on Apr 18, 2024)
The Forestar Group Inc stock price fell by -8.37% on the last day (Thursday, 18th Apr 2024) from $34.16 to $31.30. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 10.77% from a day low at $30.73 to a day high of $34.04. The price has fallen in 6 of the last 10 days and is down by -18.83% for this period. Volume has increased on the last day by 360 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 852 thousand shares were bought and sold for approximately $26.67 million.
Given the current short-term trend, the stock is expected to rise 22.15% during the next 3 months and, with a 90% probability hold a price between $38.23 and $50.82 at the end of this 3-month period.
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FOR Signals & Forecast
There are few to no technical positive signals at the moment. The Forestar Group Inc 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 $35.92 and $36.95. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -23.19%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Forestar Group Inc stock
Forestar Group Inc finds support from accumulated volume at $31.26 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 $3.31 between high and low, or 10.77%. For the last week, the stock has had daily average volatility of 5.29%.
Forestar Group 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: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FOR) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Forestar Group Inc to open at $32.02, and during the day (based on 14 day Average True Range), to move between $29.73 and $32.87, which gives a possible trading interval of +/-$1.57 (+/-5.01%) up or down from last closing price. If Forestar Group Inc takes out the full calculated possible swing range there will be an estimated 10.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $31.26 (0.13%) than the resistance at $34.16 (9.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Forestar Group Inc will release earnings BMO on Thursday, April 18, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.84. We will update the financials statements for Forestar Group Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.27% in the first trading day after earnings release.
Is Forestar Group Inc stock A Buy?
The Forestar Group Inc stock holds several negative signals and despite the positive trend, we believe Forestar Group Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.469 Sell Candidate Unchanged
Predicted Opening Price for Forestar Group Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $32.02 ( 2.30%) | $31.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FOR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.33 | 12.88 % | |
| R2 | 34.07 | 8.84 % | ||
| R1 | 33.28 | 6.34 % | ||
| Current price: | 31.30 | |||
| Support | S1 | 30.76 | -1.74 % | |
| S2 | 29.97 | -4.24 % | ||
| S3 | 28.71 | -8.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 37.37 | 19.39 % | |
| R2 | 37.00 | 18.21 % | ||
| R1 | 34.16 | 9.14 % | ||
| Current price | 31.30 | |||
| Support | S1 | 31.26 | -0.128% | |
| S2 | 30.88 | -1.34% | ||
| S3 | 30.43 | -2.78% |
FAQ
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