Cenntro Electric Stock Forecast
Red day on Monday for Cenntro Electric
(Updated on Apr 22, 2024)
The Cenntro Electric stock price fell by -0.654% on the last day (Monday, 22nd Apr 2024) from $1.53 to $1.52. During the last trading day the stock fluctuated 8.65% from a day low at $1.46 to a day high of $1.59. The price has fallen in 7 of the last 10 days and is down by -17.39% for this period. 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 -13 thousand shares and in total, 51 thousand shares were bought and sold for approximately $78.18 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.47 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 28.06% during the next 3 months and, with a 90% probability hold a price between $1.89 and $2.44 at the end of this 3-month period.
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CENN Signals & Forecast
The Cenntro Electric 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 $1.51 and $1.49. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -17.39%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Cenntro Electric stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.44 and $1.42. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cenntro Electric finds support just below today's level at $1.44. If this is broken, then the next support from accumulated volume will be at $1.42 and $1.36.
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 $0.126 between high and low, or 8.65%. For the last week the stock has had daily average volatility of 8.52%.
Our recommended stop-loss: $1.43 (-5.90%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (CENN) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cenntro Electric Group Limited to open at $1.52, and during the day (based on 14 day Average True Range), to move between $1.38 and $1.66, which gives a possible trading interval of +/-$0.135 (+/-8.90%) up or down from last closing price. If Cenntro Electric Group Limited takes out the full calculated possible swing range there will be an estimated 17.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.44 (5.26%) than the resistance at $1.69 (11.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cenntro Electric Group Limited 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 Cenntro Electric stock to perform well in the short-term.
Current score: 2.990 Buy Candidate Unchanged
Predicted Opening Price for Cenntro Electric Group Limited of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $1.52 ( 0.138%) | $1.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CENN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.65 | 8.45 % | |
| R2 | 1.60 | 5.27 % | ||
| R1 | 1.57 | 3.31 % | ||
| Current price: | 1.52 | |||
| Support | S1 | 1.47 | -3.04 % | |
| S2 | 1.44 | -5.00 % | ||
| S3 | 1.40 | -8.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.84 | 21.05 % | |
| R2 | 1.70 | 11.84 % | ||
| R1 | 1.69 | 11.18 % | ||
| Current price | 1.52 | |||
| Support | S1 | 1.44 | -5.26% | |
| S2 | 1.42 | -6.58% | ||
| S3 | 1.36 | -10.53% |
FAQ
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