General Cannabis Corp Stock Forecast
High volatility in General Cannabis Corp stock price on Tuesday which ended trading at $0.0889
(Updated on Apr 23, 2024)
The General Cannabis Corp stock price gained 4.15% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.0854 to $0.0889. During the last trading day the stock fluctuated 30.74% from a day low at $0.0680 to a day high of $0.0889. The price has fallen in 6 of the last 10 days and is down by -2.84% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 957 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $90.90 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.80% during the next 3 months and, with a 90% probability hold a price between $0.0828 and $0.113 at the end of this 3-month period.
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CANN Signals & Forecast
The General Cannabis Corp 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 $0.0851 and $0.0856. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 11.26%. Further rise is indicated until a new top pivot has been found. General Cannabis Corp has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 General Cannabis Corp stock
General Cannabis Corp finds support from accumulated volume at $0.0866 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 $0.0209 between high and low, or 30.74%. For the last week, the stock has had daily average volatility of 16.81%.
Our recommended stop-loss: $0.0853 (-4.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CANN) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect General Cannabis Corp to open at $0.0819, and during the day (based on 14 day Average True Range), to move between $0.0777 and $0.100, which gives a possible trading interval of +/-$0.0112 (+/-12.58%) up or down from last closing price. If General Cannabis Corp takes out the full calculated possible swing range there will be an estimated 25.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0866 (2.59%) than the resistance at $0.0919 (3.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is General Cannabis Corp stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for General Cannabis Corp stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.724 Buy Candidate Upgraded
Predicted Opening Price for General Cannabis Corp of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.0819 ( 7.84%) | $0.0889 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.103 | 15.67 % | |
| R2 | 0.0948 | 6.69 % | ||
| R1 | 0.0899 | 1.14 % | ||
| Current price: | 0.0889 | |||
| Support | S1 | 0.0739 | -16.82 % | |
| S2 | 0.0690 | -22.37 % | ||
| S3 | 0.0610 | -31.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0976 | 9.79 % | |
| R2 | 0.0963 | 8.27 % | ||
| R1 | 0.0919 | 3.37 % | ||
| Current price | 0.0889 | |||
| Support | S1 | 0.0866 | -2.59% | |
| S2 | 0.0855 | -3.82% | ||
| S3 | 0.0800 | -10.01% |
FAQ
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