Universal Forest Products Stock Forecast
Green day on Monday for Universal Forest Products stock after gaining 0.707%
(Updated on Apr 22, 2024)
The Universal Forest Products stock price gained 0.707% on the last trading day (Monday, 22nd Apr 2024), rising from $111.79 to $112.58. During the last trading day the stock fluctuated 1.99% from a day low at $111.54 to a day high of $113.76. The price has fallen in 6 of the last 10 days and is down by -5.5% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 87 thousand more shares were traded than the day before. In total, 370 thousand shares were bought and sold for approximately $41.67 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 $110.71 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Universal Forest Products stock with a 90% probability to be traded between $112.43 and $125.42 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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UFPI Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.74%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Universal Forest Products 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 $113.02 and $116.44. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Universal Forest Products stock
Universal Forest Products finds support from accumulated volume at $111.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $2.21 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 2.55%.
Our recommended stop-loss: $106.24 (-5.63%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (UFPI) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Universal Forest Products to open at $112.63, and during the day (based on 14 day Average True Range), to move between $109.70 and $115.46, which gives a possible trading interval of +/-$2.88 (+/-2.56%) up or down from last closing price. If Universal Forest Products takes out the full calculated possible swing range there will be an estimated 5.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $113.33 (0.67%) than the support at $111.35 (1.09%), 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.
Earnings coming up
Universal Forest Products will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.62. We will update the financials statements for Universal Forest Products, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.91% in the first trading day after earnings release.
Is Universal Forest Products stock A Buy?
Universal Forest Products holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.790 Hold/Accumulate Unchanged
Predicted Opening Price for Universal Forest Products of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $112.63 ( 0.0400%) | $112.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UFPI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 114.84 | 2.01 % | |
| R2 | 113.99 | 1.26 % | ||
| R1 | 113.47 | 0.792 % | ||
| Current price: | 112.58 | |||
| Support | S1 | 111.78 | -0.712 % | |
| S2 | 111.26 | -1.18 % | ||
| S3 | 110.41 | -1.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 115.62 | 2.70 % | |
| R2 | 113.99 | 1.25 % | ||
| R1 | 113.33 | 0.666 % | ||
| Current price | 112.58 | |||
| Support | S1 | 111.35 | -1.09% | |
| S2 | 110.65 | -1.71% | ||
| S3 | 110.06 | -2.24% |
UFPI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 01, 2024 | Feb 29, 2024 | Mar 15, 2024 | $0.330 | 0.285% |
| 2 | Oct 24, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.300 | 0.243% |
| 3 | Jul 26, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.300 | 0.293% |
| 4 | Apr 26, 2023 | May 31, 2023 | Jun 15, 2023 | $0.250 | 0.280% |
| 5 | Feb 03, 2023 | Feb 28, 2023 | Mar 15, 2023 | $0.250 | 0.319% |
FAQ
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