ConAgra Foods Inc Stock Forecast
Stronger technical forecast for ConAgra Foods Inc stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The ConAgra Foods Inc stock price gained 0.547% on the last trading day (Tuesday, 23rd Apr 2024), rising from $31.10 to $31.27. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.58% from a day low at $31.03 to a day high of $31.52. The price has risen in 7 of the last 10 days but is still down by -0.03% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $165.39 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $31.63 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 7.45% during the next 3 months and, with a 90% probability hold a price between $30.51 and $33.99 at the end of this 3-month period.
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CAG Signals & Forecast
The ConAgra Foods 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 $30.48 and $29.42. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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, April 09, 2024, and so far it has fallen -0.0320%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Monday, March 18, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Monday, March 18, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for ConAgra Foods Inc stock
ConAgra Foods Inc finds support from accumulated volume at $31.09 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 $0.490 (1.58%) between high and low. For the last week, the stock has had daily average volatility of 1.55%.
Since the ConAgra Foods Inc has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $30.13 (-3.65%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (CAG) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect ConAgra Foods Inc to open at $31.27, and during the day (based on 14 day Average True Range), to move between $30.69 and $31.85, which gives a possible trading interval of +/-$0.578 (+/-1.85%) up or down from last closing price. If ConAgra Foods Inc takes out the full calculated possible swing range there will be an estimated 3.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $31.28 (0.03%) than the support at $31.09 (0.58%), 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 ConAgra Foods Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ConAgra Foods Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.354 Buy Candidate Upgraded
Predicted Opening Price for ConAgra Foods Inc of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$31.27 ( 0.0107%) | $31.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 31.76 | 1.58 % | |
R2 | 31.58 | 0.98 % | ||
R1 | 31.46 | 0.609 % | ||
Current price: | 31.27 | |||
Support | S1 | 31.09 | -0.588 % | |
S2 | 30.97 | -0.96 % | ||
S3 | 30.78 | -1.56 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 31.28 | 0.0320 % | ||
Current price | 31.27 | |||
Support | S1 | 31.09 | -0.576% | |
S2 | 30.64 | -2.01% | ||
S3 | 29.62 | -5.28% |
CAG Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 11, 2024 | Apr 29, 2024 | May 30, 2024 | $0.350 | 1.12% |
2 | Jan 29, 2024 | Jan 29, 2024 | Feb 29, 2024 | $0.350 | 1.25% |
3 | Oct 04, 2023 | Nov 01, 2023 | Nov 30, 2023 | $0.350 | 1.24% |
4 | Jul 13, 2023 | Jul 28, 2023 | Aug 31, 2023 | $0.350 | 1.17% |
5 | Apr 12, 2023 | Apr 27, 2023 | Jun 01, 2023 | $0.330 | 0.96% |
FAQ
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