NewMarket Corporation Stock Forecast
NewMarket Corporation stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The NewMarket Corporation stock price fell by -0.0993% on the last day (Thursday, 18th Apr 2024) from $583.96 to $583.38. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.54% from a day low at $579.25 to a day high of $588.15. The price has fallen in 8 of the last 10 days and is down by -5.45% for this period. 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 -2 thousand shares and in total, 34 thousand shares were bought and sold for approximately $19.78 million.
Given the current short-term trend, the stock is expected to rise 5.50% during the next 3 months and, with a 90% probability hold a price between $615.46 and $698.69 at the end of this 3-month period.
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NEU Signals & Forecast
There are few to no technical positive signals at the moment. The NewMarket Corporation 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 $592.04 and $617.77. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -9.40%. 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.
Support, Risk & Stop-loss for NewMarket Corporation stock
NewMarket Corporation finds support from accumulated volume at $561.84 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 $8.90 between high and low, or 1.54%. For the last week, the stock has had daily average volatility of 1.31%.
NewMarket Corporation is oversold on RSI14 (6). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NEU) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect NewMarket Corporation to open at $583.59, and during the day (based on 14 day Average True Range), to move between $574.17 and $592.59, which gives a possible trading interval of +/-$9.21 (+/-1.58%) up or down from last closing price. If NewMarket Corporation takes out the full calculated possible swing range there will be an estimated 3.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $593.63 (1.76%) than the support at $561.84 (3.69%), 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.
Earnings coming up
NewMarket Corporation will release earnings AMC on Wednesday, April 24, 2024. We will update the financials statements for NewMarket Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.37% in the first trading day after earnings release.
Is NewMarket Corporation stock A Buy?
The NewMarket Corporation stock holds several negative signals and despite the positive trend, we believe NewMarket Corporation will perform weakly in the next couple of days or weeks. Therefore, we 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: -3.940 Sell Candidate Downgraded
Predicted Opening Price for NewMarket Corporation of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$583.59 ( 0.0366%) | $583.38 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEU
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 592.49 | 1.56 % | |
R2 | 589.09 | 0.98 % | ||
R1 | 586.99 | 0.619 % | ||
Current price: | 583.38 | |||
Support | S1 | 580.19 | -0.546 % | |
S2 | 578.09 | -0.91 % | ||
S3 | 574.69 | -1.49 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 615.44 | 5.50 % | |
R2 | 610.77 | 4.70 % | ||
R1 | 593.63 | 1.76 % | ||
Current price | 583.38 | |||
Support | S1 | 561.84 | -3.69% | |
S2 | 560.43 | -3.93% | ||
S3 | 557.81 | -4.38% |
NEU Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 22, 2024 | Mar 14, 2024 | Apr 01, 2024 | $2.50 | 0.395% |
2 | Oct 26, 2023 | Dec 14, 2023 | Jan 02, 2024 | $2.25 | 0.411% |
3 | Aug 03, 2023 | Sep 14, 2023 | Oct 02, 2023 | $2.25 | 0.498% |
4 | Apr 27, 2023 | Jun 14, 2023 | Jul 03, 2023 | $2.25 | 0.545% |
5 | Feb 23, 2023 | Mar 14, 2023 | Apr 03, 2023 | $2.10 | 0.574% |
FAQ
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