Primo Water Corporation Stock Forecast

Primo Water Corporation stock downgraded from Strong Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on Apr 22, 2024)

PRMW Signals & Forecast

The Primo Water 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 $17.94 and $17.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 6.28%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Primo Water Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $17.58 and $16.21. 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, Primo Water Corporation finds support just below today's level at $17.58. If this is broken, then the next support from accumulated volume will be at $16.21 and $15.29.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.245 between high and low, or 1.33%. For the last week the stock has had daily average volatility of 1.79%.

Our recommended stop-loss: $17.88 (-3.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)

Trading Expectations (PRMW) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Primo Water Corporation to open at $18.55, and during the day (based on 14 day Average True Range), to move between $18.28 and $18.94, which gives a possible trading interval of +/-$0.329 (+/-1.77%) up or down from last closing price. If Primo Water Corporation takes out the full calculated possible swing range there will be an estimated 3.53% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $17.58, some $1.03 (5.53%) from the current price of $18.61, our system finds the risk reward attractive.

Is Primo Water Corporation stock A Buy?

Primo Water Corporation 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 Strong Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

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 Primo Water Corporation of Tuesday, April 23, 2024

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