Conn Stock Forecast
Evaluation of Conn stock downgraded after the last trading session.
(Updated on Apr 18, 2024)
The Conn stock price fell by -0.270% on the last day (Thursday, 18th Apr 2024) from $3.70 to $3.69. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.82% from a day low at $3.61 to a day high of $3.82. The price has fallen in 6 of the last 10 days but is still up by 17.52% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -82 thousand shares and in total, 40 thousand shares were bought and sold for approximately $146.76 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $3.93 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -32.99% during the next 3 months and, with a 90% probability hold a price between $1.57 and $2.63 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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CONN Signals & Forecast
The Conn stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.78. On a fall, the stock will find some support from the long-term average at approximately $3.45. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 21.78%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Conn stock
Conn finds support from accumulated volume at $3.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.210 between high and low, or 5.82%. For the last week the stock has had daily average volatility of 8.06%.
Our recommended stop-loss: $3.51 (-4.95%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (CONN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Conn to open at $3.71, and during the day (based on 14 day Average True Range), to move between $3.39 and $3.99, which gives a possible trading interval of +/-$0.302 (+/-8.17%) up or down from last closing price. If Conn takes out the full calculated possible swing range there will be an estimated 16.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.52 (4.61%) than the resistance at $4.03 (9.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Conn stock A Buy?
Conn 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: 0.947 Hold/Accumulate Downgraded
Predicted Opening Price for Conn of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $3.71 ( 0.452%) | $3.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CONN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.92 | 6.14 % | |
| R2 | 3.84 | 3.97 % | ||
| R1 | 3.79 | 2.63 % | ||
| Current price: | 3.69 | |||
| Support | S1 | 3.63 | -1.72 % | |
| S2 | 3.58 | -3.07 % | ||
| S3 | 3.50 | -5.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.07 | 10.30 % | |
| R2 | 4.05 | 9.76 % | ||
| R1 | 4.03 | 9.21 % | ||
| Current price | 3.69 | |||
| Support | S1 | 3.52 | -4.61% | |
| S2 | 3.34 | -9.49% | ||
| S3 | 3.20 | -13.28% |
FAQ
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