Chesapeake Utilities Corporation Stock Forecast

Weaker technical forecast for Chesapeake Utilities Corporation as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)

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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, April 16, 2024 with a target of $110.01. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

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.

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

The predicted opening price is based on yesterday's movements between high, low, and closing price.