California BanCorp Stock Forecast
California BanCorp stock downgraded to Sell Candidate
(Updated on Jun 18, 2024)
The California BanCorp stock price gained 0.377% on the last trading day (Tuesday, 18th Jun 2024), rising from $21.22 to $21.30. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.27% from a day low at $21.30 to a day high of $21.57. The price has fallen in 6 of the last 10 days and is down by -0.98% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 16 thousand shares were bought and sold for approximately $343.78 thousand.
The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.27% during the next 3 months and, with a 90% probability hold a price between $19.62 and $21.36 at the end of this 3-month period.
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CALB Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 4.82%. Further rise is indicated until a new top pivot has been found. California BanCorp has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The California BanCorp 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 $21.63. On a fall, the stock will find some support from the short-term average at $20.75. 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).
Support, Risk & Stop-loss for California BanCorp stock
California BanCorp finds support from accumulated volume at $20.70 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 $0.270 between high and low, or 1.27%. For the last week, the stock has had daily average volatility of 2.66%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CALB) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect California BanCorp to open at $21.39, and during the day (based on 14 day Average True Range), to move between $20.80 and $21.80, which gives a possible trading interval of +/-$0.502 (+/-2.36%) up or down from last closing price. If California BanCorp takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $21.62 (1.50%) than the support at $20.70 (2.82%), 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 California BanCorp stock A Buy?
California BanCorp holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.437 Sell Candidate Downgraded
Predicted Opening Price for California BanCorp of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| $21.39 ( 0.423%) | $21.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CALB
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.66 | 1.69% |
| R2 | 21.56 | 1.21% |
| R1 | 21.49 | 0.91% |
| Price | 21.30 | |
| S1 | 21.29 | -0.0617% |
| S2 | 21.22 | -0.361% |
| S3 | 21.12 | -0.85% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.00 | 3.29% |
| R2 | 21.99 | 3.24% |
| R1 | 21.62 | 1.50% |
| Price | 21.30 | |
| S1 | 20.70 | -2.82% |
| S2 | 20.40 | -4.23% |
| S3 | 20.32 | -4.60% |
FAQ
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