Cango Inc. Stock Forecast
Green day on Friday for Cango Inc. stock after gaining 4.73%
(Updated on May 03, 2024)
The Cango Inc. stock price gained 4.73% on the last trading day (Friday, 3rd May 2024), rising from $1.48 to $1.55. During the last trading day the stock fluctuated 5.40% from a day low at $1.48 to a day high of $1.56. The price has risen in 6 of the last 10 days and is up by 10.71% over the past 2 weeks. Volume fell on the last day by -31 thousand shares and in total, 39 thousand shares were bought and sold for approximately $60.28 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and 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 5.38% during the next 3 months and, with a 90% probability hold a price between $1.34 and $1.93 at the end of this 3-month period.
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CANG Signals & Forecast
The Cango 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 $1.47 and $1.45. A breakdown below any of these levels will issue sell signals. 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, February 22, 2024, and so far it has fallen -11.93%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Cango Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.42 and $1.33. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cango Inc. finds support just below today's level at $1.42. If this is broken, then the next support from accumulated volume will be at $1.33 and $1.20.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0799 between high and low, or 5.40%. For the last week the stock has had daily average volatility of 6.59%.
Our recommended stop-loss: $1.47 (-5.30%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (CANG) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Cango Inc. to open at $1.53, and during the day (based on 14 day Average True Range), to move between $1.45 and $1.65, which gives a possible trading interval of +/-$0.101 (+/-6.54%) up or down from last closing price. If Cango Inc. takes out the full calculated possible swing range there will be an estimated 13.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.64 (5.81%) than the support at $1.42 (8.39%), 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 Cango 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 Cango Inc. stock to perform well in the short-term.
Current score: 3.471 Buy Candidate Unchanged
Predicted Opening Price for Cango Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.53 ( 1.29%) | $1.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.61 | 3.87 % | |
| R2 | 1.58 | 1.90 % | ||
| R1 | 1.56 | 0.681 % | ||
| Current price: | 1.55 | |||
| Support | S1 | 1.50 | -3.26 % | |
| S2 | 1.48 | -4.47 % | ||
| S3 | 1.45 | -6.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.76 | 13.55 % | |
| R2 | 1.70 | 9.68 % | ||
| R1 | 1.64 | 5.81 % | ||
| Current price | 1.55 | |||
| Support | S1 | 1.42 | -8.39% | |
| S2 | 1.33 | -14.19% | ||
| S3 | 1.20 | -22.58% |
CANG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Oct 11, 2022 | Nov 25, 2022 | Nov 23, 2022 | $1.00 | 38.91% |
| 2 | Apr 22, 2022 | Jun 16, 2022 | Jun 15, 2022 | $1.00 | 30.86% |
| 3 | Apr 26, 2022 | May 24, 2022 | Jun 15, 2022 | $1.00 | 30.86% |
| 4 | Mar 11, 2021 | Mar 19, 2021 | Apr 08, 2021 | $1.00 | 11.85% |
| 5 | Apr 22, 2020 | May 01, 2020 | May 18, 2020 | $0.250 | 4.94% |
FAQ
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