CoStar Group Stock Forecast
Weaker technical forecast for CoStar Group as stock downgraded to Sell Candidate.
(Updated on Apr 19, 2024)
The CoStar Group stock price gained 0.0950% on the last trading day (Friday, 19th Apr 2024), rising from $84.18 to $84.26. During the last trading day the stock fluctuated 1.44% from a day low at $84.07 to a day high of $85.28. The price has fallen in 7 of the last 10 days and is down by -11.07% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 702 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $165.86 million.
The stock has broken the wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $84.36. A reaction back to this level may hold a second chance to get out before further falls.
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CSGP Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.0950%. 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. The CoStar Group 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 $87.26 and $91.17. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CoStar Group stock
CoStar Group finds support from accumulated volume at $83.98 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.21 between high and low, or 1.44%. For the last week, the stock has had daily average volatility of 2.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CSGP) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect CoStar Group to open at $84.54, and during the day (based on 14 day Average True Range), to move between $81.63 and $86.89, which gives a possible trading interval of +/-$2.63 (+/-3.13%) up or down from last closing price. If CoStar Group takes out the full calculated possible swing range there will be an estimated 6.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $83.98 (0.33%) than the resistance at $86.29 (2.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
CoStar Group will release earnings AMC on Tuesday, April 23, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0600. We will update the financials statements for CoStar Group, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.72% in the first trading day after earnings release.
Is CoStar Group stock A Buy?
The CoStar Group stock holds several negative signals and despite the positive trend, we believe CoStar Group will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.495 Sell Candidate Downgraded
Predicted Opening Price for CoStar Group of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $84.54 ( 0.328%) | $84.26 |
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 | 85.75 | 1.76 % | |
| R2 | 85.28 | 1.22 % | ||
| R1 | 85.00 | 0.88 % | ||
| Current price: | 84.26 | |||
| Support | S1 | 84.07 | -0.220 % | |
| S2 | 83.79 | -0.559 % | ||
| S3 | 83.33 | -1.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.15 | 14.11 % | |
| R2 | 95.18 | 12.96 % | ||
| R1 | 86.29 | 2.41 % | ||
| Current price | 84.26 | |||
| Support | S1 | 83.98 | -0.332% | |
| S2 | 83.13 | -1.34% | ||
| S3 | 82.47 | -2.12% |
FAQ
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