CoStar Group Stock Forecast
CoStar Group stock price up more than 8.66% on Wednesday
(Updated on Apr 24, 2024)
The CoStar Group stock price gained 8.66% on the last trading day (Wednesday, 24th Apr 2024), rising from $84.62 to $91.95. During the last trading day the stock fluctuated 5.48% from a day low at $89.06 to a day high of $93.94. The price has fallen in 6 of the last 10 days but is still up by 1.43% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $427.10 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.45% during the next 3 months and, with a 90% probability hold a price between $93.66 and $111.86 at the end of this 3-month period.
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CSGP Signals & Forecast
The CoStar Group stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $86.01 and $91.11. 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 9.23%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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).
Support, Risk & Stop-loss for CoStar Group stock
On the downside, the stock finds support just below today's level from accumulated volume at $86.29 and $83.98. 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, CoStar Group finds support just below today's level at $86.29. If this is broken, then the next support from accumulated volume will be at $83.98 and $83.13.
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 $4.88 between high and low, or 5.48%. For the last week, the stock has had daily average volatility of 3.01%.
Our recommended stop-loss: $88.27 (-4.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CSGP) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect CoStar Group to open at $91.65, and during the day (based on 14 day Average True Range), to move between $88.87 and $95.03, which gives a possible trading interval of +/-$3.08 (+/-3.35%) up or down from last closing price. If CoStar Group takes out the full calculated possible swing range there will be an estimated 6.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $94.10 (2.34%) than the support at $86.29 (6.16%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is CoStar Group 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 CoStar Group stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.804 Buy Candidate Upgraded
Predicted Opening Price for CoStar Group of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $91.65 ( 0.326%) | $91.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CSGP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.53 | 4.98 % | |
| R2 | 94.67 | 2.95 % | ||
| R1 | 93.51 | 1.70 % | ||
| Current price: | 91.95 | |||
| Support | S1 | 89.79 | -2.35 % | |
| S2 | 88.63 | -3.61 % | ||
| S3 | 86.77 | -5.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.15 | 4.57 % | |
| R2 | 95.18 | 3.51 % | ||
| R1 | 94.10 | 2.34 % | ||
| Current price | 91.95 | |||
| Support | S1 | 86.29 | -6.16% | |
| S2 | 83.98 | -8.67% | ||
| S3 | 83.13 | -9.59% |
FAQ
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