Central Garden & Pet Company Stock Forecast
Red day on Tuesday for Central Garden & Pet Company
(Updated on May 14, 2024)
The Central Garden & Pet Company stock price fell by -0.0749% on the last day (Tuesday, 14th May 2024) from $40.08 to $40.05. During the last trading day the stock fluctuated 2.75% from a day low at $39.50 to a day high of $40.59. The price has risen in 6 of the last 10 days and is up by 13.04% 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 -51 thousand shares and in total, 265 thousand shares were bought and sold for approximately $10.62 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $40.22 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Central Garden & Pet Company stock with a 90% probability to be traded between $33.44 and $39.83 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. 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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CENTA Signals & Forecast
The Central Garden & Pet Company 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 $38.30 and $35.93. 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 Friday, May 10, 2024, and so far it has fallen -0.447%. 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 Central Garden & Pet Company stock
On the downside, the stock finds support just below today's level from accumulated volume at $37.37 and $37.25. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Central Garden & Pet Company finds support just below today's level at $37.37. If this is broken, then the next support from accumulated volume will be at $37.25 and $36.14.
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 $1.09 between high and low, or 2.75%. For the last week, the stock has had daily average volatility of 4.47%.
The Central Garden & Pet Company stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $38.59 (-3.64%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (CENTA) For The Upcoming Trading Day Of Wednesday 15th
For the upcoming trading day on Wednesday, 15th we expect Central Garden & Pet Company to open at $40.05, and during the day (based on 14 day Average True Range), to move between $38.99 and $41.11, which gives a possible trading interval of +/-$1.06 (+/-2.65%) up or down from last closing price. If Central Garden & Pet Company takes out the full calculated possible swing range there will be an estimated 5.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $40.08 (0.07%) than the support at $37.37 (6.69%), 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 Central Garden & Pet Company stock A Buy?
Central Garden & Pet Company 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: 0.000 Hold/Accumulate Unchanged
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 Central Garden & Pet Company of Wednesday, May 15, 2024
| Fair opening price May 15, 2024 | Current price |
|---|---|
| $40.05 ( 0.0062%) | $40.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CENTA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.14 | 2.71 % | |
| R2 | 40.72 | 1.67 % | ||
| R1 | 40.46 | 1.03 % | ||
| Current price: | 40.05 | |||
| Support | S1 | 39.63 | -1.04 % | |
| S2 | 39.38 | -1.68 % | ||
| S3 | 38.96 | -2.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 40.23 | 0.449 % | ||
| R1 | 40.08 | 0.0749 % | ||
| Current price | 40.05 | |||
| Support | S1 | 37.37 | -6.69% | |
| S2 | 37.25 | -6.99% | ||
| S3 | 36.14 | -9.76% |
FAQ
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