Corteva, Inc. Stock Forecast
Evaluation of Corteva, Inc. stock downgraded after the last trading session.
(Updated on May 08, 2024)
The Corteva, Inc. stock price fell by -1.22% on the last day (Wednesday, 8th May 2024) from $57.52 to $56.82. During the last trading day the stock fluctuated 1.46% from a day low at $56.81 to a day high of $57.64. The price has been going up and down for this period, and there has been a 3.74% gain for the last 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 -1 million shares and in total, 4 million shares were bought and sold for approximately $239.98 million.
The stock lies in the middle of a 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 3.04% during the next 3 months and, with a 90% probability hold a price between $55.41 and $60.22 at the end of this 3-month period.
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CTVA Signals & Forecast
The Corteva, Inc. 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 $56.13 and $55.83. 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 Tuesday, May 07, 2024, and so far it has fallen -1.22%. 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.
A sell signal from a double top formation was found on Tuesday, May 07, 2024 and based on theory for this formation the price should fall by -11.00% to $50.57 within 26 trading days since signal was issued (Thursday, May 09, 2024).
Support, Risk & Stop-loss for Corteva, Inc. stock
Corteva, Inc. finds support from accumulated volume at $55.09 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 $0.83 (1.46%) between high and low. For the last week, the stock has had daily average volatility of 2.05%.
Our recommended stop-loss: $54.44 (-4.18%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (CTVA) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Corteva, Inc. to open at $57.09, and during the day (based on 14 day Average True Range), to move between $55.64 and $58.00, which gives a possible trading interval of +/-$1.18 (+/-2.08%) up or down from last closing price. If Corteva, Inc. takes out the full calculated possible swing range there will be an estimated 4.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $56.98 (0.28%) than the support at $55.09 (3.04%), 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 Corteva, Inc. stock A Buy?
Corteva, Inc. 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 Strong Buy to a Hold/Accumulate candidate.
Current score: 0.921 Hold/Accumulate Downgraded
Predicted Opening Price for Corteva, Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $57.09 ( 0.476%) | $56.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CTVA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.92 | 1.94 % | |
| R2 | 57.60 | 1.38 % | ||
| R1 | 57.41 | 1.03 % | ||
| Current price: | 56.82 | |||
| Support | S1 | 56.77 | -0.0829 % | |
| S2 | 56.58 | -0.428 % | ||
| S3 | 56.26 | -0.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.52 | 1.23 % | |
| R2 | 57.17 | 0.616 % | ||
| R1 | 56.98 | 0.282 % | ||
| Current price | 56.82 | |||
| Support | S1 | 55.09 | -3.04% | |
| S2 | 54.80 | -3.56% | ||
| S3 | 54.68 | -3.77% |
CTVA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 26, 2024 | Jun 04, 2024 | Jun 18, 2024 | $0.160 | 0.282% |
| 2 | Feb 29, 2024 | Feb 29, 2024 | Mar 15, 2024 | $0.160 | 0.290% |
| 3 | Nov 02, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.160 | 0.344% |
| 4 | Jul 21, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.160 | 0.304% |
| 5 | Apr 21, 2023 | May 31, 2023 | Sep 15, 2023 | $0.150 | 0.285% |
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