First BanCorp Stock Forecast
First BanCorp stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)
The First BanCorp stock price gained 3.15% on the last trading day (Wednesday, 24th Apr 2024), rising from $17.16 to $17.70. During the last trading day the stock fluctuated 4.17% from a day low at $17.03 to a day high of $17.74. The price has fallen in 5 of the last 10 days but is still up by 4.73% over the past 2 weeks. Volume fell on the last day by -29 thousand shares and in total, 1 million shares were bought and sold for approximately $23.90 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $17.70 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect First BanCorp stock with a 90% probability to be traded between $16.59 and $18.00 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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FBP Signals & Forecast
The First BanCorp 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 $16.86 and $16.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 8.66%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for First BanCorp stock
First BanCorp finds support from accumulated volume at $16.90 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 $0.710 (4.17%) between high and low. For the last week, the stock has had daily average volatility of 2.94%.
Our recommended stop-loss: $17.11 (-3.32%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (FBP) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect First BanCorp to open at $17.49, and during the day (based on 14 day Average True Range), to move between $17.27 and $18.13, which gives a possible trading interval of +/-$0.426 (+/-2.41%) up or down from last closing price. If First BanCorp takes out the full calculated possible swing range there will be an estimated 4.81% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $16.90, some $0.80 (4.52%) from the current price of $17.70, our system finds the risk reward attractive.
Is First BanCorp stock A Buy?
First 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for First BanCorp of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $17.49 ( 1.19%) | $17.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FBP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.20 | 2.82 % | |
| R2 | 17.93 | 1.29 % | ||
| R1 | 17.76 | 0.346 % | ||
| Current price: | 17.70 | |||
| Support | S1 | 17.22 | -2.72 % | |
| S2 | 17.05 | -3.67 % | ||
| S3 | 16.78 | -5.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 17.70 | |||
| Support | S1 | 16.90 | -4.52% | |
| S2 | 16.49 | -6.84% | ||
| S3 | 16.48 | -6.89% |
FBP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 08, 2024 | Feb 22, 2024 | Mar 08, 2024 | $0.160 | 0.93% |
| 2 | Oct 31, 2023 | Nov 22, 2023 | Dec 08, 2023 | $0.140 | 0.87% |
| 3 | Jul 24, 2023 | Aug 23, 2023 | Sep 08, 2023 | $0.140 | 1.01% |
| 4 | Apr 27, 2023 | May 23, 2023 | Jun 09, 2023 | $0.140 | 1.10% |
| 5 | Feb 09, 2023 | Feb 23, 2023 | Mar 10, 2023 | $0.140 | 1.09% |
FAQ
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