Covestro AG Stock Forecast
Covestro AG stock upgraded to Buy Candidate.
(Updated on Jun 03, 2024)
The Covestro AG stock price fell by -0.263% on the last day (Monday, 3rd Jun 2024) from 49.39€ to 49.26€. During the last trading day the stock fluctuated 1.57% from a day low at 48.99€ to a day high of 49.76€. The price has fallen in 6 of the last 10 days and is down by -0.28% for this period. 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, 277 thousand shares were bought and sold for approximately 13.62€ 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 Covestro AG stock with a 90% probability to be traded between 45.80€ and 50.93€ 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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1COV.F Signals & Forecast
The Covestro AG stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately 49.31€. On a fall, the stock will find some support from the long-term average at approximately 48.74€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 21, 2024, and so far it has fallen -1.34%. 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 Covestro AG stock
Covestro AG finds support from accumulated volume at 48.50€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved 0.770€ between high and low, or 1.57%. For the last week the stock has had daily average volatility of 1.77%.
Our recommended stop-loss: 47.28€ (-4.02%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (1COV.F) For The Upcoming Trading Day Of Tuesday 4th
For the upcoming trading day on Tuesday, 4th we expect Covestro AG to open at 49.34€, and during the day (based on 14 day Average True Range), to move between 48.21€ and 50.31€, which gives a possible trading interval of +/-1.05€ (+/-2.14%) up or down from last closing price. If Covestro AG takes out the full calculated possible swing range there will be an estimated 4.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 49.39€ (0.26%) than the support at 48.50€ (1.54%), 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 Covestro AG stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Covestro AG stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.034 Buy Candidate Upgraded
Predicted Opening Price for Covestro AG of Tuesday, June 4, 2024
| Fair opening price June 4, 2024 | Current price |
|---|---|
| 49.34€ ( 0.156%) | 49.26€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1COV.F
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.11 | 1.72 % | |
| R2 | 49.81 | 1.12 % | ||
| R1 | 49.63 | 0.753 % | ||
| Current price: | 49.26 | |||
| Support | S1 | 49.04 | -0.441 % | |
| S2 | 48.86 | -0.81 % | ||
| S3 | 48.57 | -1.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.93 | 1.36 % | |
| R2 | 49.56 | 0.609 % | ||
| R1 | 49.39 | 0.264 % | ||
| Current price | 49.26 | |||
| Support | S1 | 48.50 | -1.54% | |
| S2 | 47.91 | -2.74% | ||
| S3 | 47.90 | -2.76% |
1COV Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 22, 2022 | Apr 22, 2022 | Apr 22, 2022 | 3.40€ | 8.20% |
| 2 | Apr 19, 2021 | Apr 19, 2021 | Apr 19, 2021 | 1.30€ | 2.33% |
| 3 | Jul 31, 2020 | Jul 31, 2020 | Jul 31, 2020 | 1.20€ | 3.68% |
| 4 | Apr 20, 2020 | Apr 20, 2020 | Apr 20, 2020 | 2.40€ | 7.79% |
| 5 | Apr 15, 2019 | Apr 15, 2019 | Apr 15, 2019 | 2.40€ | 4.55% |
FAQ
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