NewJersey Resources Corporation Stock Forecast
NewJersey Resources Corporation stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.
(Updated on Apr 17, 2024)
The NewJersey Resources Corporation stock price gained 0.654% on the last trading day (Wednesday, 17th Apr 2024), rising from $41.28 to $41.55. During the last trading day the stock fluctuated 1.30% from a day low at $41.30 to a day high of $41.84. The price has fallen in 6 of the last 10 days and is down by -2.67% for this period. Volume fell on the last day by -11 thousand shares and in total, 347 thousand shares were bought and sold for approximately $14.43 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a weak 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 2.38% during the next 3 months and, with a 90% probability hold a price between $41.27 and $44.99 at the end of this 3-month period.
NJR Signals & Forecast
The NewJersey Resources 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 $41.83 and $42.21. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.654%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for NewJersey Resources Corporation stock
NewJersey Resources Corporation finds support from accumulated volume at $41.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.535 between high and low, or 1.30%. For the last week the stock has had daily average volatility of 1.66%.
Our recommended stop-loss: $39.28 (-5.45%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (NJR) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect NewJersey Resources Corporation to open at $41.56, and during the day (based on 14 day Average True Range), to move between $40.81 and $42.29, which gives a possible trading interval of +/-$0.741 (+/-1.78%) up or down from last closing price. If NewJersey Resources Corporation takes out the full calculated possible swing range there will be an estimated 3.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $41.34 (0.51%) than the resistance at $41.79 (0.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is NewJersey Resources Corporation stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.791 Buy Candidate Upgraded
Predicted Opening Price for NewJersey Resources Corporation of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $41.56 ( 0.0281%) | $41.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NJR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.10 | 1.32 % | |
| R2 | 41.89 | 0.82 % | ||
| R1 | 41.77 | 0.520 % | ||
| Current price: | 41.55 | |||
| Support | S1 | 41.36 | -0.464 % | |
| S2 | 41.23 | -0.768 % | ||
| S3 | 41.03 | -1.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.91 | 3.27 % | |
| R2 | 42.13 | 1.40 % | ||
| R1 | 41.79 | 0.578 % | ||
| Current price | 41.55 | |||
| Support | S1 | 41.34 | -0.505% | |
| S2 | 41.28 | -0.650% | ||
| S3 | 40.91 | -1.54% |
NJR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 24, 2024 | Mar 12, 2024 | Apr 01, 2024 | $0.420 | 0.98% |
| 2 | Nov 16, 2023 | Dec 12, 2023 | Jan 02, 2024 | $0.420 | 0.93% |
| 3 | Jul 12, 2023 | Sep 19, 2023 | Oct 02, 2023 | $0.390 | 0.99% |
| 4 | Apr 05, 2023 | Jun 13, 2023 | Jul 03, 2023 | $0.390 | 0.82% |
| 5 | Jan 25, 2023 | Mar 14, 2023 | Apr 03, 2023 | $0.390 | 0.741% |
FAQ
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