Ocwen Financial Corporation Stock Forecast
Ocwen Financial Corporation stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Ocwen Financial Corporation stock price gained 2.29% on the last trading day (Wednesday, 27th Mar 2024), rising from $26.17 to $26.77. During the last trading day the stock fluctuated 1.47% from a day low at $26.61 to a day high of $27.00. The price has risen in 6 of the last 10 days and is up by 7.25% 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, 3 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately $195.80 thousand.
Given the current short-term trend, the stock is expected to fall -18.43% during the next 3 months and, with a 90% probability hold a price between $18.51 and $21.84 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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OCN Signals & Forecast
Mostly positive signals in the chart today. The Ocwen Financial Corporation 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 $25.92 and $26.45. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 14.01%. 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). Ocwen Financial Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Ocwen Financial Corporation stock
Ocwen Financial Corporation finds support from accumulated volume at $25.82 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 $0.390 between high and low, or 1.47%. For the last week, the stock has had daily average volatility of 2.00%.
Our recommended stop-loss: $25.77 (-3.74%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (OCN) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Ocwen Financial Corporation to open at $26.79, and during the day (based on 14 day Average True Range), to move between $25.82 and $27.72, which gives a possible trading interval of +/-$0.95 (+/-3.55%) up or down from last closing price. If Ocwen Financial Corporation takes out the full calculated possible swing range there will be an estimated 7.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $25.82 (3.55%) than the resistance at $30.40 (13.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ocwen Financial Corporation stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.125 Buy Candidate Upgraded
Predicted Opening Price for Ocwen Financial Corporation of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$26.79 ( 0.0872%) | $26.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 27.18 | 1.54 % | |
R2 | 27.03 | 0.99 % | ||
R1 | 26.94 | 0.644 % | ||
Current price: | 26.77 | |||
Support | S1 | 26.64 | -0.469 % | |
S2 | 26.55 | -0.81 % | ||
S3 | 26.40 | -1.37 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 31.52 | 17.74 % | |
R2 | 30.76 | 14.90 % | ||
R1 | 30.40 | 13.56 % | ||
Current price | 26.77 | |||
Support | S1 | 25.82 | -3.55% | |
S2 | 23.49 | -12.25% | ||
S3 | 23.48 | -12.29% |
OCN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Aug 26, 1999 | Aug 26, 1999 | Aug 14, 2020 | $0.82 | 3.90% |
FAQ
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