Coda Octopus Group Inc Stock Forecast
Coda Octopus Group Inc stock downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Coda Octopus Group Inc stock price gained 0.217% on the last trading day (Thursday, 25th Apr 2024), rising from $6.90 to $6.92. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.86% from a day low at $6.74 to a day high of $7.00. The price has been going up and down for this period, and there has been a 9.24% gain for the last 2 weeks. Volume fell on the last day by -19 thousand shares and in total, 18 thousand shares were bought and sold for approximately $123.03 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $6.70, a level that may pose a second chance to hit a runner. According to fan-theory $7.31 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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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 $6.36 and $6.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 15.25%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Coda Octopus Group Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.52 and $5.43. 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, Coda Octopus Group Inc finds support just below today's level at $6.52. If this is broken, then the next support from accumulated volume will be at $5.43 and $5.36.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.260 between high and low, or 3.86%. For the last week the stock has had daily average volatility of 4.63%.
Our recommended stop-loss: $6.69 (-3.24%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (CODA) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Coda Octopus Group Inc to open at $6.88, and during the day (based on 14 day Average True Range), to move between $6.66 and $7.17, which gives a possible trading interval of +/-$0.257 (+/-3.72%) 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 7.44% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.52, some $0.395 (5.71%) from the current price of $6.92, our system finds the risk reward attractive.
Is Coda Octopus Group Inc stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Coda Octopus Group Inc stock to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.844 Buy Candidate Downgraded
Predicted Opening Price for Coda Octopus Group Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $6.88 ( 0.482%) | $6.92 |
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 | 7.14 | 3.28 % | |
| R2 | 7.04 | 1.84 % | ||
| R1 | 6.98 | 0.95 % | ||
| Current price: | 6.92 | |||
| Support | S1 | 6.78 | -1.92 % | |
| S2 | 6.72 | -2.81 % | ||
| S3 | 6.62 | -4.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.92 | |||
| Support | S1 | 6.52 | -5.71% | |
| S2 | 5.43 | -21.48% | ||
| S3 | 5.36 | -22.49% |
FAQ
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