Owens Corning Inc Stock Forecast
Stronger technical forecast for Owens Corning Inc stock price after Thursday trading.
(Updated on Apr 25, 2024)
The Owens Corning Inc stock price fell by -0.109% on the last day (Thursday, 25th Apr 2024) from $165.22 to $165.04. During the last trading day the stock fluctuated 3.21% from a day low at $160.82 to a day high of $165.99. The price has fallen in 8 of the last 10 days and is down by -0.89% 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 -367 thousand shares and in total, 721 thousand shares were bought and sold for approximately $119.00 million.
The stock lies in the middle of a wide and 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 14.31% during the next 3 months and, with a 90% probability hold a price between $179.25 and $203.11 at the end of this 3-month period.
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OC Signals & Forecast
The Owens Corning Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $163.69 and $164.03. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.41%. 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 Owens Corning Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $149.25 and $148.21. 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, Owens Corning Inc finds support just below today's level at $149.25. If this is broken, then the next support from accumulated volume will be at $148.21 and $143.03.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.17 (3.21%) between high and low. For the last week, the stock has had daily average volatility of 3.24%.
Our recommended stop-loss: $157.04 (-4.85%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (OC) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Owens Corning Inc to open at $163.95, and during the day (based on 14 day Average True Range), to move between $160.67 and $169.41, which gives a possible trading interval of +/-$4.37 (+/-2.65%) up or down from last closing price. If Owens Corning Inc takes out the full calculated possible swing range there will be an estimated 5.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $165.22 (0.11%) than the support at $149.25 (9.57%), 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 Owens Corning Inc stock A Buy?
Owens Corning Inc 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: -0.878 Hold/Accumulate Upgraded
Predicted Opening Price for Owens Corning Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $163.95 ( 0.661%) | $165.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 169.11 | 2.47 % | |
| R2 | 167.14 | 1.27 % | ||
| R1 | 165.92 | 0.534 % | ||
| Current price: | 165.04 | |||
| Support | S1 | 161.98 | -1.86 % | |
| S2 | 160.76 | -2.60 % | ||
| S3 | 158.78 | -3.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 167.62 | 1.56 % | |
| R2 | 166.14 | 0.667 % | ||
| R1 | 165.22 | 0.109 % | ||
| Current price | 165.04 | |||
| Support | S1 | 149.25 | -9.57% | |
| S2 | 148.21 | -10.20% | ||
| S3 | 143.03 | -13.34% |
OC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 01, 2024 | Mar 04, 2024 | Apr 04, 2024 | $0.600 | 0.355% |
| 2 | Feb 01, 2024 | Mar 01, 2024 | Apr 04, 2024 | $0.600 | 0.355% |
| 3 | Jan 05, 2024 | Jan 05, 2024 | Jan 19, 2024 | $0.600 | 0.398% |
| 4 | Sep 14, 2023 | Oct 13, 2023 | Nov 03, 2023 | $0.520 | 0.424% |
| 5 | Jun 15, 2023 | Jul 14, 2023 | Aug 04, 2023 | $0.520 | 0.370% |
FAQ
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