Credit Acceptance Corporation Stock Forecast
Red day on Friday for Credit Acceptance Corporation
(Updated on Apr 19, 2024)
The Credit Acceptance Corporation stock price fell by -0.172% on the last day (Friday, 19th Apr 2024) from $536.40 to $535.48. During the last trading day the stock fluctuated 2.09% from a day low at $533.32 to a day high of $544.49. The price has fallen in 7 of the last 10 days and is down by -1.21% for this period. Volume has increased on the last day by 24 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, 55 thousand shares were bought and sold for approximately $29.65 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $532.20 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Credit Acceptance Corporation stock with a 90% probability to be traded between $522.33 and $562.53 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CACC Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.550%. 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. The Credit Acceptance Corporation 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 $545.24 and $549.65. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 13.21% to $606.20 within 9 trading days since signal was issued (Monday, April 22, 2024).
Support, Risk & Stop-loss for Credit Acceptance Corporation stock
Credit Acceptance Corporation finds support from accumulated volume at $535.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $11.17 between high and low, or 2.09%. For the last week the stock has had daily average volatility of 2.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CACC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Credit Acceptance Corporation to open at $537.76, and during the day (based on 14 day Average True Range), to move between $522.89 and $548.07, which gives a possible trading interval of +/-$12.59 (+/-2.35%) up or down from last closing price. If Credit Acceptance Corporation takes out the full calculated possible swing range there will be an estimated 4.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $535.20 (0.05%) than the resistance at $554.51 (3.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Credit Acceptance Corporation stock A Buy?
Credit Acceptance Corporation holds several negative signals and is within a 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.
Current score: -1.392 Sell Candidate Unchanged
Predicted Opening Price for Credit Acceptance Corporation of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $537.76 ( 0.426%) | $535.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CACC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 548.93 | 2.51 % | |
| R2 | 544.66 | 1.71 % | ||
| R1 | 542.03 | 1.22 % | ||
| Current price: | 535.48 | |||
| Support | S1 | 533.49 | -0.371 % | |
| S2 | 530.86 | -0.86 % | ||
| S3 | 526.59 | -1.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 582.42 | 8.77 % | |
| R2 | 581.39 | 8.57 % | ||
| R1 | 554.51 | 3.55 % | ||
| Current price | 535.48 | |||
| Support | S1 | 535.20 | -0.0523% | |
| S2 | 532.55 | -0.547% | ||
| S3 | 0 | . |
FAQ
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