General Cannabis Corp Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Stronger technical forecast for General Cannabis Corp stock price after Thursday trading.
(Updated on May 02, 2024)
The General Cannabis Corp stock price fell by -0.303% on the last day (Thursday, 2nd May 2024) from $0.115 to $0.115. During the last trading day the stock fluctuated 0.435% from a day low at $0.115 to a day high of $0.116. The price has risen in 6 of the last 10 days and is up by 43.57% over the past 2 weeks. 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 -557 thousand shares and in total, 77 thousand shares were bought and sold for approximately $8.87 thousand.
The stock lies in the upper part of a very wide and strong 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 $0.116 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 20.51% during the next 3 months and, with a 90% probability hold a price between $0.100 and $0.139 at the end of this 3-month period.
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CANN Signals & Forecast
The General Cannabis Corp 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 $0.0977 and $0.0887. 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 Wednesday, May 01, 2024, and so far it has fallen -0.303%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Monday, April 22, 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, April 22, 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 General Cannabis Corp stock
General Cannabis Corp finds support from accumulated volume at $0.111 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0005 between high and low, or 0.435%. For the last week the stock has had daily average volatility of 16.07%.
Our recommended stop-loss: $0.111 (-3.78%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (CANN) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect General Cannabis Corp to open at $0.115, and during the day (based on 14 day Average True Range), to move between $0.103 and $0.127, which gives a possible trading interval of +/-$0.0117 (+/-10.18%) up or down from last closing price. If General Cannabis Corp takes out the full calculated possible swing range there will be an estimated 20.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.115 (0.30%) than the support at $0.111 (3.17%), 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 General Cannabis Corp 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 General Cannabis Corp 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: 2.677 Buy Candidate Upgraded
Predicted Opening Price for General Cannabis Corp of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$0.115 ( 0.145%) | $0.115 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.116 | 0.580 % | |
R2 | 0.115 | 0.414 % | ||
R1 | 0.115 | 0.311 % | ||
Current price: | 0.115 | |||
Support | S1 | 0.115 | -0.0212 % | |
S2 | 0.115 | -0.124 % | ||
S3 | 0.115 | -0.290 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0.115 | 0.304 % | ||
Current price | 0.115 | |||
Support | S1 | 0.111 | -3.17% | |
S2 | 0.0976 | -15.13% | ||
S3 | 0.0889 | -22.70% |
FAQ
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