Covestro AG Stock Forecast

Red day on Friday for Covestro AG stock after losing 1.17%
(Updated on May 10, 2024)

1COV.DE Signals & Forecast

There are mixed signals in the stock today. The Covestro AG stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at 49.57€. On a fall, the stock will find some support from the short-term average at 48.12€. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 2.62%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for Covestro AG stock

Covestro AG finds support from accumulated volume at 48.17€ 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 0.780€ (1.62%) between high and low. For the last week, the stock has had daily average volatility of 2.31%.

Our recommended stop-loss: 46.11€ (-4.36%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)

Trading Expectations (1COV.DE) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Covestro AG to open at 48.47€, and during the day (based on 14 day Average True Range), to move between 47.08€ and 49.34€, which gives a possible trading interval of +/-1.13€ (+/-2.34%) up or down from last closing price. If Covestro AG takes out the full calculated possible swing range there will be an estimated 4.69% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 48.17€ (0.08%) than the resistance at 48.50€ (0.60%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Covestro AG stock A Buy?

Covestro AG 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: 0.162 Hold/Accumulate Unchanged

Predicted Opening Price for Covestro AG of Monday, May 13, 2024

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