Cathay General Bancorp Stock Forecast
Cathay General Bancorp stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Cathay General Bancorp stock price fell by -1.60% on the last day (Thursday, 25th Apr 2024) from $35.53 to $34.96. During the last trading day the stock fluctuated 1.85% from a day low at $34.62 to a day high of $35.26. The price has risen in 5 of the last 10 days but is still down by -0.26% for this period. Volume has increased on the last day by 238 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 553 thousand shares were bought and sold for approximately $19.34 million.
The stock lies in the middle of a 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 -14.82% during the next 3 months and, with a 90% probability hold a price between $28.80 and $31.76 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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CATY Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 1.22%. 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. The Cathay General Bancorp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $35.33 and $36.99. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Cathay General Bancorp stock
Cathay General Bancorp finds support from accumulated volume at $34.94 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 $0.640 between high and low, or 1.85%. For the last week, the stock has had daily average volatility of 3.26%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CATY) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Cathay General Bancorp to open at $34.94, and during the day (based on 14 day Average True Range), to move between $33.89 and $36.03, which gives a possible trading interval of +/-$1.07 (+/-3.05%) up or down from last closing price. If Cathay General Bancorp takes out the full calculated possible swing range there will be an estimated 6.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.94 (0.06%) than the resistance at $37.82 (8.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cathay General Bancorp stock A Buy?
Cathay General Bancorp holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.894 Sell Candidate Downgraded
Predicted Opening Price for Cathay General Bancorp of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $34.94 ( 0.0477%) | $34.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CATY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.58 | 1.78 % | |
| R2 | 35.34 | 1.08 % | ||
| R1 | 35.19 | 0.652 % | ||
| Current price: | 34.96 | |||
| Support | S1 | 34.70 | -0.747 % | |
| S2 | 34.55 | -1.18 % | ||
| S3 | 34.30 | -1.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.28 | 12.36 % | |
| R2 | 37.83 | 8.21 % | ||
| R1 | 37.82 | 8.18 % | ||
| Current price | 34.96 | |||
| Support | S1 | 34.94 | -0.0572% | |
| S2 | 34.89 | -0.200% | ||
| S3 | 34.66 | -0.86% |
CATY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Feb 27, 2024 | Mar 11, 2024 | $0.340 | 0.85% |
| 2 | Nov 16, 2023 | Nov 28, 2023 | Dec 11, 2023 | $0.340 | 0.85% |
| 3 | Aug 17, 2023 | Aug 29, 2023 | Sep 11, 2023 | $0.340 | 0.93% |
| 4 | May 18, 2023 | May 26, 2023 | Jun 09, 2023 | $0.340 | 0.99% |
| 5 | Feb 16, 2023 | Feb 24, 2023 | Mar 09, 2023 | $0.340 | 0.88% |
FAQ
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