Cavco Industries Stock Forecast
Red day on Friday for Cavco Industries stock after losing 0.0690%
(Updated on May 10, 2024)
The Cavco Industries stock price fell by -0.0690% on the last day (Friday, 10th May 2024) from $376.87 to $376.61. During the last trading day the stock fluctuated 1.51% from a day low at $372.83 to a day high of $378.47. The price has risen in 6 of the last 10 days and is up by 1.07% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -17 thousand shares and in total, 54 thousand shares were bought and sold for approximately $20.16 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Cavco Industries stock with a 90% probability to be traded between $352.35 and $403.60 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CVCO Signals & Forecast
The Cavco Industries 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 $376.35 and $374.82. A breakdown below any of these levels will issue sell signals. 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 Monday, May 06, 2024, and so far it has fallen -1.29%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Cavco Industries stock
Cavco Industries finds support from accumulated volume at $371.31 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 $5.64 (1.51%) between high and low. For the last week, the stock has had daily average volatility of 2.11%.
Our recommended stop-loss: $360.82 (-4.19%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (CVCO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Cavco Industries to open at $375.97, and during the day (based on 14 day Average True Range), to move between $365.99 and $387.23, which gives a possible trading interval of +/-$10.62 (+/-2.82%) up or down from last closing price. If Cavco Industries takes out the full calculated possible swing range there will be an estimated 5.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $376.87 (0.07%) than the support at $371.31 (1.41%), 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.
Earnings coming up
Cavco Industries will release earnings BMO on Thursday, May 16, 2024.The consensus among the analysts for the expected earnings (EPS) is $5.13. We will update the financials statements for Cavco Industries, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.27% in the first trading day after earnings release.
Is Cavco Industries stock A Buy?
Cavco Industries 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.
Current score: -0.204 Hold/Accumulate Unchanged
Predicted Opening Price for Cavco Industries of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $375.97 ( 0.170%) | $376.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVCO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 381.61 | 1.33 % | |
| R2 | 379.46 | 0.756 % | ||
| R1 | 378.12 | 0.402 % | ||
| Current price: | 376.61 | |||
| Support | S1 | 373.82 | -0.742 % | |
| S2 | 372.48 | -1.10 % | ||
| S3 | 370.33 | -1.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 389.26 | 3.36 % | |
| R2 | 376.98 | 0.0982 % | ||
| R1 | 376.87 | 0.0690 % | ||
| Current price | 376.61 | |||
| Support | S1 | 371.31 | -1.41% | |
| S2 | 366.54 | -2.67% | ||
| S3 | 353.75 | -6.07% |
FAQ
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