Corrections Corporation of America Stock Forecast
Red day on Wednesday for Corrections Corporation of America stock after losing 0%
(Updated on Mar 27, 2024)
No changes to the price of Corrections Corporation of America stock on the last trading day (Wednesday, 27th Mar 2024). During the last trading day the stock fluctuated 1.99% from a day low at $15.54 to a day high of $15.85. The price has fallen in 5 of the last 10 days but is still up by 6.03% over the past 2 weeks.
The stock lies in the middle of a wide and weak 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 9.14% during the next 3 months and, with a 90% probability hold a price between $15.95 and $17.68 at the end of this 3-month period.
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CXW Signals & Forecast
The Corrections Corporation of America stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $15.68. On a fall, the stock will find some support from the long-term average at approximately $14.82. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -2.86%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.
Support, Risk & Stop-loss for Corrections Corporation of America stock
Corrections Corporation of America finds support from accumulated volume at $15.00 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 $0.310 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 2.55%.
Our recommended stop-loss: $14.92 (-4.65%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (CXW) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Corrections Corporation of America to open at $15.68, and during the day (based on 14 day Average True Range), to move between $15.19 and $16.11, which gives a possible trading interval of +/-$0.459 (+/-2.94%) up or down from last closing price. If Corrections Corporation of America takes out the full calculated possible swing range there will be an estimated 5.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $15.68 (0.19%) than the support at $15.00 (4.15%), 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 Corrections Corporation of America 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 Corrections Corporation of America stock to perform well in the short-term.
Current score: 2.390 Buy Candidate Unchanged
Predicted Opening Price for Corrections Corporation of America of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$15.68 ( 0.192%) | $15.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CXW
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.99 | 2.17 % | |
R2 | 15.87 | 1.42 % | ||
R1 | 15.80 | 0.95 % | ||
Current price: | 15.65 | |||
Support | S1 | 15.56 | -0.565 % | |
S2 | 15.49 | -1.03 % | ||
S3 | 15.37 | -1.79 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.11 | 2.94 % | |
R2 | 15.83 | 1.15 % | ||
R1 | 15.68 | 0.192 % | ||
Current price | 15.65 | |||
Support | S1 | 15.00 | -4.15% | |
S2 | 14.45 | -7.67% | ||
S3 | 13.83 | -11.63% |
CXW Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 20, 2020 | Mar 31, 2020 | Apr 15, 2020 | $0.440 | 3.68% |
2 | Dec 12, 2019 | Jan 03, 2020 | Jan 15, 2020 | $0.440 | 2.68% |
3 | Aug 15, 2019 | Sep 30, 2019 | Oct 15, 2019 | $0.440 | 2.86% |
4 | May 16, 2019 | Jun 28, 2019 | Jul 16, 2019 | $0.440 | 2.52% |
5 | Feb 21, 2019 | Mar 29, 2019 | Apr 15, 2019 | $0.440 | 2.14% |
FAQ
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