Chesapeake Utilities Corporation Stock Forecast
Weaker technical forecast for Chesapeake Utilities Corporation as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Chesapeake Utilities Corporation stock price gained 0.760% on the last trading day (Friday, 3rd May 2024), rising from $109.22 to $110.05. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.69% from a day low at $109.11 to a day high of $110.95. The price has risen in 6 of the last 10 days and is up by 5% 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, 17 thousand more shares were traded than the day before. In total, 76 thousand shares were bought and sold for approximately $8.39 million.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $108.76, a level that may pose a second chance to hit a runner. According to fan-theory $117.10 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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CPK Signals & Forecast
The Chesapeake Utilities Corporation 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 $107.13 and $104.58. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 10.43%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Chesapeake Utilities Corporation stock
Chesapeake Utilities Corporation finds support from accumulated volume at $105.06 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 $1.85 between high and low, or 1.69%. For the last week, the stock has had daily average volatility of 1.92%.
The Chesapeake Utilities Corporation stock is extremely overbought on RSI14 (80). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $105.71 (-3.94%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (CPK) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Chesapeake Utilities Corporation to open at $110.04, and during the day (based on 14 day Average True Range), to move between $108.03 and $112.07, which gives a possible trading interval of +/-$2.02 (+/-1.83%) up or down from last closing price. If Chesapeake Utilities Corporation takes out the full calculated possible swing range there will be an estimated 3.67% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $105.06, some $4.99 (4.53%) from the current price of $110.05, our system finds the risk reward attractive.
Earnings coming up
Chesapeake Utilities Corporation will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.14. We will update the financials statements for Chesapeake Utilities Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.22% in the first trading day after earnings release.
Is Chesapeake Utilities Corporation stock A Buy?
Chesapeake Utilities Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Chesapeake Utilities Corporation of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$110.04 ( 0.0136%) | $110.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CPK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 111.88 | 1.66 % | |
R2 | 111.18 | 1.02 % | ||
R1 | 110.74 | 0.627 % | ||
Current price: | 110.05 | |||
Support | S1 | 109.33 | -0.654 % | |
S2 | 108.89 | -1.05 % | ||
S3 | 108.19 | -1.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 110.05 | |||
Support | S1 | 105.06 | -4.53% | |
S2 | 103.01 | -6.40% | ||
S3 | 102.03 | -7.29% |
CPK Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 20, 2024 | Mar 14, 2024 | Apr 05, 2024 | $0.590 | 0.572% |
2 | Nov 02, 2023 | Dec 14, 2023 | Jan 05, 2024 | $0.590 | 0.573% |
3 | Aug 03, 2023 | Sep 14, 2023 | Oct 05, 2023 | $0.590 | 0.621% |
4 | May 03, 2023 | Jun 14, 2023 | Jul 05, 2023 | $0.590 | 0.497% |
5 | Feb 22, 2023 | Mar 14, 2023 | Apr 05, 2023 | $0.535 | 0.410% |
FAQ
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