Unity Bancorp Stock Forecast

Unity Bancorp stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)

UNTY Signals & Forecast

The Unity Bancorp 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 $27.29 and $27.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 6.23%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Unity Bancorp stock

Unity Bancorp finds support from accumulated volume at $27.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.370 between high and low, or 1.36%. For the last week the stock has had daily average volatility of 2.08%.

Our recommended stop-loss: $26.52 (-3.98%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (UNTY) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Unity Bancorp to open at $27.50, and during the day (based on 14 day Average True Range), to move between $26.96 and $28.28, which gives a possible trading interval of +/-$0.663 (+/-2.40%) up or down from last closing price. If Unity Bancorp takes out the full calculated possible swing range there will be an estimated 4.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $27.70 (0.29%) than the support at $27.38 (0.87%), 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 Unity Bancorp stock A Buy?

Unity Bancorp 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: -0.166 Hold/Accumulate Downgraded

Predicted Opening Price for Unity Bancorp of Monday, April 29, 2024

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