Owens & Minor, Inc Stock Forecast
Owens & Minor, Inc stock downgraded from Strong Buy Candidate to Buy Candidate after Monday trading session.
(Updated on Apr 15, 2024)
The Owens & Minor, Inc stock price gained 1.08% on the last trading day (Monday, 15th Apr 2024), rising from £4.65 to £4.70. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.67% from a day low at £4.50 to a day high of £4.80. The price has risen in 5 of the last 10 days and is up by 4.44% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 356 thousand shares were bought and sold for approximately £1.67 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.
Given the current horizontal trend, you can expect Owens & Minor, Inc stock with a 90% probability to be traded between £2.27 and £4.67 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. 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.
OMI.L Signals & Forecast
Mostly positive signals in the chart today. The Owens & Minor, Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £4.49 and £3.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 01, 2024, and so far it has risen 104.35%. 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). 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 Owens & Minor, Inc stock
Owens & Minor, Inc finds support from accumulated volume at £4.50 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 £0.300 between high and low, or 6.67%. For the last week, the stock has had daily average volatility of 8.81%.
The Owens & Minor, Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: £4.57 (-2.82%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (OMI.L) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Owens & Minor, Inc to open at £4.67, and during the day (based on 14 day Average True Range), to move between £4.27 and £5.13, which gives a possible trading interval of +/-£0.434 (+/-9.23%) up or down from last closing price. If Owens & Minor, Inc takes out the full calculated possible swing range there will be an estimated 18.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ £4.50, some £0.200 (4.26%) from the current price of £4.70, our system finds the risk reward attractive.
Is Owens & Minor, Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Owens & Minor, Inc stock to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.625 Buy Candidate Downgraded
Predicted Opening Price for Owens & Minor, Inc of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| £4.67 ( 0.709%) | £4.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OMI.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.97 | 5.67 % | |
| R2 | 4.85 | 3.24 % | ||
| R1 | 4.78 | 1.73 % | ||
| Current price: | 4.70 | |||
| Support | S1 | 4.55 | -3.15 % | |
| S2 | 4.48 | -4.65 % | ||
| S3 | 4.37 | -7.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 4.70 | |||
| Support | S1 | 4.50 | -4.26% | |
| S2 | 4.35 | -7.45% | ||
| S3 | 3.65 | -22.34% |
OMI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 16, 2008 | Mar 19, 2008 | Apr 11, 2008 | £0.97 | 0.716% |
FAQ
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