NewJersey Resources Corporation Forecast and Stock Analysis
Technical NJR stock analysis for March 22, 2019.
|Shorts||5.19% ( 2019-02-28 )|
No changes to the price of NewJersey Resources Corporation in the last trading day. The price has risen in 6 of the last 10 days and is up by 0.53% over the past 2 weeks.
Close price at the end of the last trading day (Friday, 22nd Mar 2019) of the NJR stock was $49.71.
During day the stock fluctuated 1.24% from a day low at $49.69 to a day high of $50.30.
30 day high of the NJR stock price was $50.54 and low was $46.76.
90 day high was $50.54 and low was $43.51.
52 week high for the NewJersey Resources Corporation - $51.83 and low - $38.05.
NewJersey Resources Corporation lies in the middle of a 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 11.92% during the next 3 months and, with 90% probability hold a price between $53.63 and $57.88 at the end of this period.
NewJersey Resources Corporation holds buy signals from both short- and long-term moving averages. In addition, 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 $49.62 and $48.22. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday March 20, 2019, which indicates further gains until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention for the next couple of days.
Relative Strength Index (RSI)
RSI14 is 57 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $45.35 and $45.26.
There is 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, NewJersey Resources Corporation finds support just below today's level at $45.35. If this is broken, then the next support from accumulated volume will be at $45.26 and $44.22.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.61 (1.24%) between high and low. For the last week, the stock has had a daily average volatility of 1.62%.
Our recommended stoploss: $46.91 (-5.63%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 2 days ago.)
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Evaluation: Buy Candidate
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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Strong Buy Candidate to a Buy Candidate.