ConnectOne Bancorp stock trades up to $32.45 as ConnectOne Bank announces Juneteenth holiday closure

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ConnectOne Bancorp up 0.78% today

Highlights

CNOB remains in a strong bullish trend across all time frames, supported by sustained trading above major moving averages.
Momentum signals are overwhelmingly positive, but several overbought indicators suggest recent gains may be short-term stretched.
The stock is expected to consolidate between $31.61 support and $33.12 resistance, with a high probability of an upside breakout.

Bullish trend as price holds above key moving averages and support lines

CNOB is trading well above its MA-20 ($30.85), MA-50 ($29.76), and MA-200 ($26.94), which confirms that short-, medium-, and long-term trends remain firmly bullish. The current price of $32.45 is also above the Ichimoku Kijun level ($30.49), making this level immediate support for the stock. Near-term support is found at the Ichimoku Kijun ($30.49), followed by key support at MA-50 ($29.76); resistance is marked by MA-20 ($30.85) in the near term, with MA-100 ($28.34) further below, while the closest key resistance remains just under the recent 52-week high.

Positive momentum persists as overbought signals accompany drift from highs

Momentum indicators on D1 such as MACD and ADX signal continued buyer strength, yet overbought signals from BBP and Stoch RSI indicate the rally may be extended. RSI (64.50) and CCI (92.95) hover near overbought territory but have not yet triggered a reversal, while BBP's overbought reading suggests buyers currently dominate intraday momentum. Awesome Oscillator remains neutral. Over the past week, CNOB has slipped $0.32 (0.96%), moving from $32.77 to $32.45. The price sits in the middle of the weekly range, which spanned $31.52 to $33.12, with weekly volatility at 5.08%. The week has been marked by a steady decline from the highs, despite generally positive momentum readings.

Upside favored as bullish signals outweigh limited downside scenarios

For the coming week, the expected price range is $31.61 to $33.12, aligning with the recent weekly lows and highs and staying well within the typical volatility band. The probability of a price increase is very high (more than 80%), as all W1 signals (RSI, ADX, MACD, MA-50) are bullish. Conversely, the odds of a decline are very low. The baseline scenario is for CNOB to consolidate between support ($31.61) and resistance ($33.12). In a bullish breakout, a sustained move above $33.12 could open the way to further highs approaching the 52-week top at $33.12. A bearish turn would only emerge if support at $31.61 is broken, exposing further downside to $30.49, but this is currently less likely based on momentum and trend. This range sits near the upper end of the 52-week spectrum, showing strong year-to-date performance.

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Previously it was reported that ConnectOne Bancorp exhibited a resilient bullish profile, supported by favorable momentum and technical strength. Investors should now closely monitor for any potential shifts in sector sentiment or changing market conditions, as these could signal a reassessment of the prevailing upward scenario.

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