Worthington Industries Inc Stock Forecast
Worthington Industries Inc stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The Worthington Industries Inc stock price fell by -1.53% on the last day (Thursday, 18th Apr 2024) from $58.11 to $57.22. During the last trading day the stock fluctuated 3.18% from a day low at $56.94 to a day high of $58.75. The price has fallen in 7 of the last 10 days and is down by -4.89% for this period. 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 -30 thousand shares and in total, 207 thousand shares were bought and sold for approximately $11.86 million.
Given the current short-term trend, the stock is expected to rise 5.75% during the next 3 months and, with a 90% probability hold a price between $60.51 and $72.03 at the end of this 3-month period.
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WOR Signals & Forecast
There are few to no technical positive signals at the moment. The Worthington Industries Inc 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 $58.28 and $61.54. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -14.57%. 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 Worthington Industries Inc stock
Worthington Industries Inc finds support from accumulated volume at $55.20 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 $1.81 between high and low, or 3.18%. For the last week, the stock has had daily average volatility of 2.50%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WOR) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Worthington Industries Inc to open at $57.64, and during the day (based on 14 day Average True Range), to move between $55.38 and $59.06, which gives a possible trading interval of +/-$1.84 (+/-3.21%) up or down from last closing price. If Worthington Industries Inc takes out the full calculated possible swing range there will be an estimated 6.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $55.20 (3.53%) than the resistance at $62.60 (9.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Worthington Industries Inc stock A Buy?
The Worthington Industries Inc stock holds several negative signals and despite the positive trend, we believe Worthington Industries Inc will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -3.011 Sell Candidate Downgraded
Predicted Opening Price for Worthington Industries Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $57.64 ( 0.728%) | $57.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WOR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.45 | 3.89 % | |
| R2 | 58.76 | 2.68 % | ||
| R1 | 58.33 | 1.94 % | ||
| Current price: | 57.22 | |||
| Support | S1 | 56.95 | -0.480 % | |
| S2 | 56.52 | -1.23 % | ||
| S3 | 55.83 | -2.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 66.98 | 17.06 % | |
| R2 | 63.40 | 10.80 % | ||
| R1 | 62.60 | 9.40 % | ||
| Current price | 57.22 | |||
| Support | S1 | 55.20 | -3.53% | |
| S2 | 54.00 | -5.63% | ||
| S3 | 53.91 | -5.78% |
WOR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Jun 14, 2024 | Jun 28, 2024 | $0.160 | 0.280% |
| 2 | Mar 14, 2024 | Mar 14, 2024 | Mar 14, 2024 | $0 | 0% |
| 3 | Sep 27, 2023 | Nov 14, 2023 | Dec 15, 2023 | $0.320 | 0.558% |
| 4 | Jun 28, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.320 | 0.84% |
| 5 | Mar 22, 2023 | Jun 14, 2023 | Sep 29, 2023 | $0.310 | 0.81% |
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