Encore Wire Corporation Stock Forecast
Encore Wire Corporation stock price ended at $287.23 on Wednesday, after losing 0.85%.
(Updated on Apr 17, 2024)
The Encore Wire Corporation stock price fell by -0.85% on the last day (Wednesday, 17th Apr 2024) from $289.70 to $287.23. During the last trading day the stock fluctuated 1.28% from a day low at $286.33 to a day high of $290.00. The price has been going up and down for this period, and there has been a 7.46% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -228 thousand shares and in total, 952 thousand shares were bought and sold for approximately $273.50 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $292.94 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 22.05% during the next 3 months and, with a 90% probability hold a price between $292.62 and $357.53 at the end of this 3-month period.
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WIRE Signals & Forecast
The Encore Wire Corporation 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 $272.71 and $247.59. A breakdown below any of these levels will issue sell signals. 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, April 15, 2024, and so far it has fallen -1.37%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Encore Wire Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $232.53 and $225.64. 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, Encore Wire Corporation finds support just below today's level at $232.53. If this is broken, then the next support from accumulated volume will be at $225.64 and $225.54.
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 $3.67 between high and low, or 1.28%. For the last week, the stock has had daily average volatility of 1.83%.
Our recommended stop-loss: $275.53 (-4.07%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (WIRE) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Encore Wire Corporation to open at $287.85, and during the day (based on 14 day Average True Range), to move between $278.60 and $295.86, which gives a possible trading interval of +/-$8.63 (+/-3.00%) up or down from last closing price. If Encore Wire Corporation takes out the full calculated possible swing range there will be an estimated 6.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $289.70 (0.86%) than the support at $232.53 (19.04%), 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
Encore Wire Corporation will release earnings BMO on Tuesday, April 23, 2024.The consensus among the analysts for the expected earnings (EPS) is $3.73. We will update the financials statements for Encore Wire Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.69% in the first trading day after earnings release.
Is Encore Wire Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Encore Wire Corporation stock to perform well in the short-term.
Current score: 1.109 Buy Candidate Unchanged
Predicted Opening Price for Encore Wire Corporation of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $287.85 ( 0.217%) | $287.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WIRE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 291.53 | 1.50 % | |
| R2 | 290.12 | 1.01 % | ||
| R1 | 289.26 | 0.705 % | ||
| Current price: | 287.23 | |||
| Support | S1 | 286.45 | -0.272 % | |
| S2 | 285.58 | -0.573 % | ||
| S3 | 284.18 | -1.06 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 291.23 | 1.39 % | ||
| R1 | 289.70 | 0.86 % | ||
| Current price | 287.23 | |||
| Support | S1 | 232.53 | -19.04% | |
| S2 | 225.64 | -21.44% | ||
| S3 | 225.54 | -21.48% |
WIRE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Apr 04, 2024 | Apr 19, 2024 | $0.0200 | 0.0070% |
| 2 | Nov 09, 2023 | Jan 04, 2024 | Jan 19, 2024 | $0.0200 | 0.0094% |
| 3 | Aug 08, 2023 | Oct 05, 2023 | Oct 20, 2023 | $0.0200 | 0.0118% |
| 4 | May 04, 2023 | Jul 06, 2023 | Jul 21, 2023 | $0.0200 | 0.0122% |
| 5 | Feb 17, 2023 | Apr 05, 2023 | Apr 21, 2023 | $0.0200 | 0.0123% |
FAQ
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