Forward Air Corporation Stock Forecast
Forward Air Corporation stock upgraded to Hold/Accumulate.
(Updated on Mar 28, 2024)
The Forward Air Corporation stock price gained 3.70% on the last trading day (Thursday, 28th Mar 2024), rising from $30.00 to $31.11. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.69% from a day low at $29.87 to a day high of $31.57. The price has risen in 6 of the last 10 days and is up by 9.74% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 138 thousand more shares were traded than the day before. In total, 809 thousand shares were bought and sold for approximately $25.17 million.
Given the current short-term trend, the stock is expected to fall -54.31% during the next 3 months and, with a 90% probability hold a price between $9.94 and $14.21 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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FWRD Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 16.95%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Forward Air Corporation 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 $34.12. On a fall, the stock will find some support from the short-term average at $29.17. 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.
Support, Risk & Stop-loss for Forward Air Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $29.15 and $28.01. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Forward Air Corporation finds support just below today's level at $29.15. If this is broken, then the next support from accumulated volume will be at $28.01 and $26.60.
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 $1.70 between high and low, or 5.69%. For the last week, the stock has had daily average volatility of 4.14%.
Our recommended stop-loss: $29.89 (-3.92%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (FWRD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Forward Air Corporation to open at $30.85, and during the day (based on 14 day Average True Range), to move between $29.51 and $32.71, which gives a possible trading interval of +/-$1.60 (+/-5.14%) up or down from last closing price. If Forward Air Corporation takes out the full calculated possible swing range there will be an estimated 10.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $31.78 (2.15%) than the support at $29.15 (6.30%), 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 Forward Air Corporation stock A Buy?
Forward Air Corporation 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: 0.282 Hold/Accumulate Upgraded
Predicted Opening Price for Forward Air Corporation of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$30.85 ( 0.84%) | $31.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FWRD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 32.55 | 4.63 % | |
R2 | 31.90 | 2.54 % | ||
R1 | 31.50 | 1.25 % | ||
Current price: | 31.11 | |||
Support | S1 | 30.20 | -2.92 % | |
S2 | 29.80 | -4.21 % | ||
S3 | 29.15 | -6.30 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 37.13 | 19.35 % | |
R2 | 32.04 | 2.99 % | ||
R1 | 31.78 | 2.15 % | ||
Current price | 31.11 | |||
Support | S1 | 29.15 | -6.30% | |
S2 | 28.01 | -9.96% | ||
S3 | 26.60 | -14.50% |
FWRD Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Oct 24, 2023 | Nov 21, 2023 | Dec 07, 2023 | $0.240 | 0.377% |
2 | Jul 25, 2023 | Aug 16, 2023 | Sep 07, 2023 | $0.240 | 0.342% |
3 | Apr 28, 2023 | May 24, 2023 | Jun 13, 2023 | $0.240 | 0.235% |
4 | Feb 07, 2023 | Mar 01, 2023 | Mar 17, 2023 | $0.240 | 0.233% |
5 | Oct 22, 2022 | Nov 22, 2022 | Dec 08, 2022 | $0.240 | 0.223% |
FAQ
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