Office Depot Stock Forecast
Office Depot stock upgraded to Hold/Accumulate.
(Updated on Apr 15, 2024)
The Office Depot stock price fell by -0.238% on the last day (Monday, 15th Apr 2024) from $50.43 to $50.31. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.83% from a day low at $50.16 to a day high of $51.08. The price has fallen in 9 of the last 10 days and is down by -4.12% 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 -35 thousand shares and in total, 308 thousand shares were bought and sold for approximately $15.48 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $49.83 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Office Depot stock with a 90% probability to be traded between $48.98 and $55.03 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
ODP Signals & Forecast
There are mixed signals in the stock today. The Office Depot 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 $50.79 and $51.87. 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 Monday, March 18, 2024, and so far it has risen 0.359%. 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 Office Depot stock
Office Depot finds support from accumulated volume at $50.13 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 $0.92 between high and low, or 1.83%. For the last week the stock has had daily average volatility of 2.03%.
Our recommended stop-loss: $47.18 (-6.21%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (ODP) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Office Depot to open at $50.52, and during the day (based on 14 day Average True Range), to move between $49.15 and $51.47, which gives a possible trading interval of +/-$1.16 (+/-2.30%) up or down from last closing price. If Office Depot takes out the full calculated possible swing range there will be an estimated 4.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $50.13 (0.36%) than the resistance at $51.18 (1.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Office Depot stock A Buy?
Office Depot 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: 0.858 Hold/Accumulate Upgraded
Predicted Opening Price for Office Depot of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $50.52 ( 0.411%) | $50.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.44 | 2.24 % | |
| R2 | 51.09 | 1.54 % | ||
| R1 | 50.87 | 1.11 % | ||
| Current price: | 50.31 | |||
| Support | S1 | 50.17 | -0.288 % | |
| S2 | 49.95 | -0.719 % | ||
| S3 | 49.60 | -1.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.48 | 12.26 % | |
| R2 | 52.30 | 3.96 % | ||
| R1 | 51.18 | 1.73 % | ||
| Current price | 50.31 | |||
| Support | S1 | 50.13 | -0.358% | |
| S2 | 50.12 | -0.378% | ||
| S3 | 0 | . |
ODP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 04, 2020 | Feb 28, 2020 | Jul 01, 2020 | $0.250 | 1.10% |
| 2 | Nov 06, 2019 | Nov 21, 2019 | Dec 13, 2019 | $0.250 | 1.02% |
| 3 | Aug 07, 2019 | Aug 22, 2019 | Sep 13, 2019 | $0.250 | 1.49% |
| 4 | May 08, 2019 | May 23, 2019 | Jun 14, 2019 | $0.250 | 1.32% |
| 5 | Feb 05, 2019 | Feb 28, 2019 | Mar 15, 2019 | $0.250 | 0.744% |
FAQ
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