Churchill Downs Stock Forecast
Churchill Downs stock upgraded to Buy Candidate.
(Updated on Apr 25, 2024)
The Churchill Downs stock price gained 4.73% on the last trading day (Thursday, 25th Apr 2024), rising from $123.39 to $129.23. During the last trading day the stock fluctuated 4.30% from a day low at $128.28 to a day high of $133.79. The price has been going up and down for this period, and there has been a 3.89% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 602 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $156.53 million.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $125.25 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $137.35 sometime during the next 3 months.
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CHDN Signals & Forecast
The Churchill Downs 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 $122.31 and $120.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 8.63%. 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 Churchill Downs stock
Churchill Downs finds support from accumulated volume at $123.75 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 $5.51 between high and low, or 4.30%. For the last week the stock has had daily average volatility of 2.68%.
Our recommended stop-loss: $124.42 (-3.72%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CHDN) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Churchill Downs to open at $130.43, and during the day (based on 14 day Average True Range), to move between $125.52 and $132.94, which gives a possible trading interval of +/-$3.71 (+/-2.87%) up or down from last closing price. If Churchill Downs takes out the full calculated possible swing range there will be an estimated 5.75% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $123.75, some $5.48 (4.24%) from the current price of $129.23, our system finds the risk reward attractive.
Is Churchill Downs stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal 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 Churchill Downs stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.364 Buy Candidate Upgraded
Predicted Opening Price for Churchill Downs of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $130.43 ( 0.93%) | $129.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHDN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 135.94 | 5.19 % | |
| R2 | 133.84 | 3.57 % | ||
| R1 | 132.54 | 2.56 % | ||
| Current price: | 129.23 | |||
| Support | S1 | 128.33 | -0.698 % | |
| S2 | 127.03 | -1.70 % | ||
| S3 | 124.92 | -3.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 129.23 | |||
| Support | S1 | 123.75 | -4.24% | |
| S2 | 117.37 | -9.18% | ||
| S3 | 113.15 | -12.44% |
CHDN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 30, 2023 | Nov 30, 2023 | Jan 05, 2024 | $0.357 | 0.281% |
| 2 | Oct 26, 2022 | Dec 01, 2022 | Jan 06, 2023 | $0.714 | 0.657% |
| 3 | Oct 27, 2021 | Dec 02, 2021 | Jan 07, 2022 | $0.667 | 0.578% |
| 4 | Oct 28, 2020 | Dec 03, 2020 | Jan 06, 2021 | $0.622 | 0.605% |
| 5 | Oct 30, 2019 | Dec 05, 2019 | Jan 03, 2020 | $0.581 | 0.86% |
FAQ
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