PennyMac Financial Services Inc Stock Forecast
Weaker technical forecast for PennyMac Financial Services Inc as stock downgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)
The PennyMac Financial Services Inc stock price fell by -0.765% on the last day (Wednesday, 24th Apr 2024) from $92.78 to $92.07. During the last trading day the stock fluctuated 2.84% from a day low at $90.26 to a day high of $92.82. The price has risen in 6 of the last 10 days and is up by 5.1% over the past 2 weeks. Volume has increased on the last day by 207 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 355 thousand shares were bought and sold for approximately $32.65 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $93.76 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect PennyMac Financial Services Inc stock with a 90% probability to be traded between $84.75 and $94.34 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.
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PFSI Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -0.765%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The PennyMac Financial Services 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 $88.97 and $88.41. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for PennyMac Financial Services Inc stock
PennyMac Financial Services Inc finds support from accumulated volume at $91.09 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $2.56 (2.84%) between high and low. For the last week, the stock has had daily average volatility of 2.67%.
Our recommended stop-loss: $89.24 (-3.07%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (PFSI) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect PennyMac Financial Services Inc to open at $91.72, and during the day (based on 14 day Average True Range), to move between $89.75 and $94.39, which gives a possible trading interval of +/-$2.32 (+/-2.52%) up or down from last closing price. If PennyMac Financial Services Inc takes out the full calculated possible swing range there will be an estimated 5.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $92.09 (0.02%) than the support at $91.09 (1.06%), 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 PennyMac Financial Services Inc stock A Buy?
PennyMac Financial Services 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.925 Hold/Accumulate Downgraded
Predicted Opening Price for PennyMac Financial Services Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $91.72 ( 0.384%) | $92.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PFSI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 94.28 | 2.40 % | |
| R2 | 93.30 | 1.33 % | ||
| R1 | 92.69 | 0.678 % | ||
| Current price: | 92.07 | |||
| Support | S1 | 90.74 | -1.45 % | |
| S2 | 90.13 | -2.10 % | ||
| S3 | 89.16 | -3.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 93.24 | 1.27 % | |
| R2 | 92.78 | 0.771 % | ||
| R1 | 92.09 | 0.0217 % | ||
| Current price | 92.07 | |||
| Support | S1 | 91.09 | -1.06% | |
| S2 | 86.04 | -6.55% | ||
| S3 | 85.73 | -6.89% |
PFSI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 01, 2024 | Feb 12, 2024 | Feb 23, 2024 | $0.200 | 0.230% |
| 2 | Oct 26, 2023 | Nov 10, 2023 | Nov 22, 2023 | $0.200 | 0.256% |
| 3 | Jul 27, 2023 | Aug 14, 2023 | Aug 25, 2023 | $0.200 | 0.290% |
| 4 | Apr 27, 2023 | May 15, 2023 | Aug 25, 2023 | $0.200 | 0.290% |
| 5 | Feb 02, 2023 | Feb 13, 2023 | Feb 24, 2023 | $0.200 | 0.329% |
FAQ
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