WFG Price Prediction Next Week
Technical Analysis: WFG's stock shows a clear downward trend, with RSI at 28.91 indicating oversold conditions. The stock is trading below all major moving averages (5-day: $83.00, 20-day: $86.84, 200-day: $86.83), suggesting strong bearish momentum.
News Impact:
- Recent wildfires in Southern California have destroyed over 12,000 structures, potentially increasing lumber demand for rebuilding.
- Scotiabank lowered WFG's price target from $120 to $109 while maintaining an Outperform rating.
Price Levels:
- Current Support: $76.29 (Bollinger Band Lower)
- Current Resistance: $86.84 (20-day SMA)
- Fibonacci Support: $80.75 (S1)
- Fibonacci Resistance: $86.25 (R1)
Next Week Price Prediction: Based on technical indicators and news sentiment:
- Bullish Scenario (40% probability): Price could bounce from oversold conditions to $83-84 range
- Bearish Scenario (60% probability): Further decline to $75-76 range
Trading Recommendation: SELL
- Entry: Current price ($79.69)
- Target: $76.00
- Stop Loss: $82.50
Rationale:
- Bearish momentum remains strong with price below all major moving averages
- MACD showing negative divergence (-1.84)
- Despite positive news about lumber demand, institutional sentiment remains cautious as evidenced by Scotiabank's lowered price target
- Stochastic RSI at extremely low levels (2.05) suggests potential for a bounce, but overall trend remains bearish
WFG Similar Chart Price Prediction
The price of WFG is predicted to go up 18.34%, based on the high correlation periods with WTW. The similarity of these two price pattern on the periods is 96.24%.
WFG
WTW
Up: 18.34%Similarity: 96.24%
WFG Revenue Forecast
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WFG VS S&P500
West Fraser's growing mill capacity in the southeastern US will reduce its exposure to export taxes and trade disputes, allowing increased profit generation.
West Fraser's acquisition of Norbord reduced its exposure to dimensional lumber and provides a boost to the firm's consolidated margins.
A continued shift from plywood to OSB in single-family housing should provide a strong tailwind for West Fraser's engineered wood products business.
WFG Analyst's Forecast
Ben Isaacson
Scotiabank
Buy
2024-10-25
Price Target
$100 → $120
Upside
+23.29%
Scotiabank raised the firm's price target on West Fraser Timber to $120 from $100 and keeps an Outperform rating on the shares. While Q3 was weaker than expected, the firm encourages investors to "look through results and buy the stock" as the argues that North Amercian lumber capacity curtailments are "more than sufficient to tighten the market when demand returns to a normal state."
Ketan Mamtora
BMO Capital
Buy
2024-10-22
Price Target
$105 → $115
Upside
+22.21%
