Cathay General Bancorp Stock Forecast
Stronger technical forecast for Cathay General Bancorp stock price after Friday trading.
(Updated on May 03, 2024)
The Cathay General Bancorp stock price gained 1.87% on the last trading day (Friday, 3rd May 2024), rising from $35.78 to $36.45. 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 1.53% from a day low at $36.02 to a day high of $36.57. The price has risen in 6 of the last 10 days and is up by 1.25% 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, 59 thousand more shares were traded than the day before. In total, 251 thousand shares were bought and sold for approximately $9.15 million.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $36.89 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -13.59% during the next 3 months and, with a 90% probability hold a price between $29.52 and $31.88 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CATY Signals & Forecast
Mostly positive signals in the chart today. The Cathay General Bancorp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $35.23 and $36.23. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 5.84%. 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 Cathay General Bancorp stock
Cathay General Bancorp finds support from accumulated volume at $34.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.550 (1.53%) between high and low. For the last week, the stock has had daily average volatility of 1.95%.
Our recommended stop-loss: $35.04 (-3.86%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (CATY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Cathay General Bancorp to open at $36.35, and during the day (based on 14 day Average True Range), to move between $35.50 and $37.40, which gives a possible trading interval of +/-$0.95 (+/-2.62%) up or down from last closing price. If Cathay General Bancorp takes out the full calculated possible swing range there will be an estimated 5.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $37.82 (3.76%) than the support at $34.96 (4.09%), 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 Cathay General Bancorp stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.451 Buy Candidate Upgraded
Predicted Opening Price for Cathay General Bancorp of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $36.35 ( 0.283%) | $36.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CATY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.90 | 1.23 % | |
| R2 | 36.69 | 0.649 % | ||
| R1 | 36.56 | 0.293 % | ||
| Current price: | 36.45 | |||
| Support | S1 | 36.14 | -0.86 % | |
| S2 | 36.01 | -1.22 % | ||
| S3 | 35.80 | -1.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.28 | 7.76 % | |
| R2 | 37.83 | 3.79 % | ||
| R1 | 37.82 | 3.76 % | ||
| Current price | 36.45 | |||
| Support | S1 | 34.96 | -4.09% | |
| S2 | 34.89 | -4.28% | ||
| S3 | 34.66 | -4.91% |
CATY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Feb 27, 2024 | Mar 11, 2024 | $0.340 | 0.85% |
| 2 | Nov 16, 2023 | Nov 28, 2023 | Dec 11, 2023 | $0.340 | 0.85% |
| 3 | Aug 17, 2023 | Aug 29, 2023 | Sep 11, 2023 | $0.340 | 0.93% |
| 4 | May 18, 2023 | May 26, 2023 | Jun 09, 2023 | $0.340 | 0.99% |
| 5 | Feb 16, 2023 | Feb 24, 2023 | Mar 09, 2023 | $0.340 | 0.88% |
FAQ
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