Old Dominion Freight Line Stock Forecast
Red day on Monday for Old Dominion Freight Line stock after losing 0.109%
(Updated on Apr 22, 2024)
The Old Dominion Freight Line stock price fell by -0.109% on the last day (Monday, 22nd Apr 2024) from $211.82 to $211.59. During the last trading day the stock fluctuated 3.08% from a day low at $208.61 to a day high of $215.05. The price has fallen in 6 of the last 10 days and is down by -5.83% 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 -441 thousand shares and in total, 1 million shares were bought and sold for approximately $221.20 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $200.66 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -37.50% during the next 3 months and, with a 90% probability hold a price between $125.41 and $231.04 at the end of this 3-month period.
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ODFL Signals & Forecast
There are mixed signals in the stock today. The Old Dominion Freight Line 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 $214.80 and $328.57. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.81%. 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).
Support, Risk & Stop-loss for Old Dominion Freight Line stock
Old Dominion Freight Line finds support from accumulated volume at $210.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $6.43 between high and low, or 3.08%. For the last week, the stock has had daily average volatility of 2.89%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ODFL) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Old Dominion Freight Line to open at $211.75, and during the day (based on 14 day Average True Range), to move between $199.25 and $223.93, which gives a possible trading interval of +/-$12.34 (+/-5.83%) up or down from last closing price. If Old Dominion Freight Line takes out the full calculated possible swing range there will be an estimated 11.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $211.82 (0.11%) than the support at $210.81 (0.37%), 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
Old Dominion Freight Line will release earnings BMO on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.33. We will update the financials statements for Old Dominion Freight Line, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.87% in the first trading day after earnings release.
Is Old Dominion Freight Line stock A Buy?
Old Dominion Freight Line holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.947 Sell Candidate Unchanged
Predicted Opening Price for Old Dominion Freight Line of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $211.75 ( 0.0748%) | $211.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODFL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 218.18 | 3.12 % | |
| R2 | 215.73 | 1.95 % | ||
| R1 | 214.21 | 1.24 % | ||
| Current price: | 211.59 | |||
| Support | S1 | 209.29 | -1.09 % | |
| S2 | 207.77 | -1.80 % | ||
| S3 | 205.31 | -2.97 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 221.13 | 4.51 % | |
| R2 | 220.48 | 4.20 % | ||
| R1 | 211.82 | 0.109 % | ||
| Current price | 211.59 | |||
| Support | S1 | 210.81 | -0.369% | |
| S2 | 207.82 | -1.78% | ||
| S3 | 0 | . |
ODFL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 31, 2024 | Mar 06, 2024 | Mar 20, 2024 | $0.520 | 0.239% |
| 2 | Jan 31, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.520 | 0.239% |
| 3 | Oct 19, 2023 | Dec 05, 2023 | Dec 20, 2023 | $0.400 | 0.199% |
| 4 | Jul 20, 2023 | Sep 05, 2023 | Sep 20, 2023 | $0.400 | 0.196% |
| 5 | May 18, 2023 | Jun 06, 2023 | Jun 21, 2023 | $0.400 | 0.245% |
FAQ
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