Primoris Services Corporation Stock Forecast

Red day on Monday for Primoris Services Corporation
(Updated on Apr 15, 2024)

PRIM Signals & Forecast

The Primoris Services Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $45.85. On a fall, the stock will find some support from the long-term average at approximately $41.90. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.28%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Primoris Services Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $40.86 and $39.51. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Primoris Services Corporation finds support just below today's level at $40.86. If this is broken, then the next support from accumulated volume will be at $39.51 and $37.76.

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 $1.78 between high and low, or 3.98%. For the last week, the stock has had daily average volatility of 3.68%.

Our recommended stop-loss: $43.03 (-3.86%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (PRIM) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect Primoris Services Corporation to open at $45.33, and during the day (based on 14 day Average True Range), to move between $43.30 and $46.22, which gives a possible trading interval of +/-$1.46 (+/-3.27%) up or down from last closing price. If Primoris Services Corporation takes out the full calculated possible swing range there will be an estimated 6.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $45.20 (0.98%) than the support at $40.86 (8.71%), 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 Primoris Services Corporation stock A Buy?

Primoris Services Corporation 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.

Current score: 0.703 Hold/Accumulate Unchanged

Predicted Opening Price for Primoris Services Corporation of Tuesday, April 16, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.