Towne Bank Stock Forecast
Evaluation of Towne Bank stock downgraded after the last trading session.
(Updated on May 07, 2024)
The Towne Bank stock price fell by -1.31% on the last day (Tuesday, 7th May 2024) from $27.47 to $27.11. During the last trading day the stock fluctuated 1.77% from a day low at $27.07 to a day high of $27.55. The price has fallen in 6 of the last 10 days and is down by -2.55% for this period. Volume has increased on the last day by 66 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, 299 thousand shares were bought and sold for approximately $8.09 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Towne Bank stock with a 90% probability to be traded between $25.17 and $27.33 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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TOWN Signals & Forecast
The Towne Bank stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $26.80 and $26.98. A breakdown below any of these levels will issue sell signals. 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 Monday, May 06, 2024, and so far it has fallen -1.31%. 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.
A buy signal from a double bottom formation was found on Tuesday, April 30, 2024 and based on theory for this formation the price should go up by 8.07% to $29.30 within 9 trading days since signal was issued (Wednesday, May 08, 2024).
Support, Risk & Stop-loss for Towne Bank stock
Towne Bank finds support from accumulated volume at $27.00 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 $0.480 (1.77%) between high and low. For the last week, the stock has had daily average volatility of 2.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TOWN) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Towne Bank to open at $27.24, and during the day (based on 14 day Average True Range), to move between $26.44 and $27.78, which gives a possible trading interval of +/-$0.674 (+/-2.49%) up or down from last closing price. If Towne Bank takes out the full calculated possible swing range there will be an estimated 4.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $27.00 (0.41%) than the resistance at $27.29 (0.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Towne Bank stock A Buy?
Towne Bank 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. 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 Sell candidate.
Current score: -2.258 Sell Candidate Downgraded
Predicted Opening Price for Towne Bank of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $27.24 ( 0.492%) | $27.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TOWN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.72 | 2.26 % | |
| R2 | 27.54 | 1.59 % | ||
| R1 | 27.43 | 1.17 % | ||
| Current price: | 27.11 | |||
| Support | S1 | 27.06 | -0.185 % | |
| S2 | 26.95 | -0.602 % | ||
| S3 | 26.76 | -1.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.54 | 1.59 % | |
| R2 | 27.50 | 1.44 % | ||
| R1 | 27.29 | 0.664 % | ||
| Current price | 27.11 | |||
| Support | S1 | 27.00 | -0.406% | |
| S2 | 26.68 | -1.59% | ||
| S3 | 26.57 | -1.99% |
TOWN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 28, 2024 | Mar 27, 2024 | Apr 12, 2024 | $0.250 | 0.95% |
| 2 | Nov 29, 2023 | Dec 28, 2023 | Jan 12, 2024 | $0.250 | 0.87% |
| 3 | Aug 23, 2023 | Sep 28, 2023 | Oct 13, 2023 | $0.250 | 1.11% |
| 4 | May 23, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.250 | 1.03% |
| 5 | Feb 22, 2023 | Mar 29, 2023 | Apr 12, 2023 | $0.230 | 0.90% |
FAQ
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