Coda Octopus Group Inc Stock Forecast
Coda Octopus Group Inc stock downgraded to Hold/Accumulate
(Updated on Mar 27, 2024)
No changes to the price of Coda Octopus Group Inc stock on the last trading day (Wednesday, 27th Mar 2024). During the last trading day the stock fluctuated 0.87% from a day low at $5.72 to a day high of $5.77. The price has fallen in 5 of the last 10 days but is still up by 2.33% over the past 2 weeks.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.07% during the next 3 months and, with a 90% probability hold a price between $4.17 and $5.34 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CODA Signals & Forecast
The Coda Octopus Group Inc 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 $5.67 and $5.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 4.00%. Further rise is indicated until a new top pivot has been found. 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). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Coda Octopus Group Inc stock
Coda Octopus Group Inc finds support from accumulated volume at $5.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.0500 between high and low, or 0.87%. For the last week the stock has had daily average volatility of 2.82%
Our recommended stop-loss: $5.44 (-4.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (CODA) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Coda Octopus Group Inc to open at $5.74, and during the day (based on 14 day Average True Range), to move between $5.54 and $5.90, which gives a possible trading interval of +/-$0.180 (+/-3.15%) up or down from last closing price. If Coda Octopus Group Inc takes out the full calculated possible swing range there will be an estimated 6.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.51 (3.67%) than the resistance at $6.15 (7.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Coda Octopus Group Inc stock A Buy?
Coda Octopus Group Inc 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 Buy to a Hold/Accumulate candidate.
Current score: 0.193 Hold/Accumulate Downgraded
Predicted Opening Price for Coda Octopus Group Inc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$5.74 ( 0.291%) | $5.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CODA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.79 | 1.17 % | |
R2 | 5.77 | 0.83 % | ||
R1 | 5.76 | 0.625 % | ||
Current price: | 5.72 | |||
Support | S1 | 5.72 | -0.0425 % | |
S2 | 5.71 | -0.249 % | ||
S3 | 5.69 | -0.583 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.53 | 14.16 % | |
R2 | 6.18 | 8.04 % | ||
R1 | 6.15 | 7.52 % | ||
Current price | 5.72 | |||
Support | S1 | 5.51 | -3.67% | |
S2 | 5.43 | -5.07% | ||
S3 | 5.36 | -6.29% |
FAQ
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