Cal-Maine Foods Stock Forecast
Cal-Maine Foods stock upgraded to Buy Candidate.
(Updated on Mar 27, 2024)
The Cal-Maine Foods stock price fell by -1.41% on the last day (Wednesday, 27th Mar 2024) from $59.46 to $58.62. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.16% from a day low at $58.16 to a day high of $60.00. The price has risen in 5 of the last 10 days but is still down by -1.31% for this period. Volume has increased on the last day by 52 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 609 thousand shares were bought and sold for approximately $35.68 million.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.46% during the next 3 months and, with a 90% probability hold a price between $62.81 and $68.08 at the end of this 3-month period.
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CALM Signals & Forecast
The Cal-Maine Foods 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 $60.44. On a fall, the stock will find some support from the long-term average at approximately $58.04. 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 Thursday, March 21, 2024, and so far it has fallen -5.21%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Cal-Maine Foods stock
Cal-Maine Foods finds support from accumulated volume at $56.30 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 $1.84 between high and low, or 3.16%. For the last week, the stock has had daily average volatility of 2.49%.
Our recommended stop-loss: $55.97 (-4.53%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (CALM) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Cal-Maine Foods to open at $58.93, and during the day (based on 14 day Average True Range), to move between $57.21 and $60.03, which gives a possible trading interval of +/-$1.41 (+/-2.41%) up or down from last closing price. If Cal-Maine Foods takes out the full calculated possible swing range there will be an estimated 4.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $59.34 (1.23%) than the support at $56.30 (3.96%), 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 Cal-Maine Foods 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 Cal-Maine Foods 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: 3.090 Buy Candidate Upgraded
Predicted Opening Price for Cal-Maine Foods of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$58.93 ( 0.523%) | $58.62 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CALM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 60.77 | 3.66 % | |
R2 | 60.06 | 2.46 % | ||
R1 | 59.63 | 1.72 % | ||
Current price: | 58.62 | |||
Support | S1 | 58.22 | -0.676 % | |
S2 | 57.79 | -1.42 % | ||
S3 | 57.09 | -2.62 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 59.41 | 1.35 % | |
R2 | 59.40 | 1.33 % | ||
R1 | 59.34 | 1.23 % | ||
Current price | 58.62 | |||
Support | S1 | 56.30 | -3.96% | |
S2 | 55.31 | -5.65% | ||
S3 | 54.86 | -6.41% |
CALM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Nov 27, 2007 | Jan 30, 2024 | Feb 15, 2024 | $0.116 | 0.203% |
2 | Oct 31, 2023 | Oct 31, 2023 | Nov 16, 2023 | $0.0060 | 0.0121% |
3 | Nov 27, 2007 | Aug 04, 2023 | Aug 22, 2023 | $0.755 | 1.59% |
4 | Nov 27, 2007 | Apr 25, 2023 | May 11, 2023 | $2.20 | 4.59% |
5 | Nov 27, 2007 | Jan 24, 2023 | Feb 09, 2023 | $1.35 | 2.54% |
FAQ
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