carsales.com Ltd Stock Forecast
carsales.com Ltd stock downgraded to Hold/Accumulate
(Updated on Apr 30, 2024)
The carsales.com Ltd stock price fell by -0.324% on the last day (Tuesday, 30th Apr 2024) from $33.94 to $33.83. During the last trading day the stock fluctuated 1.04% from a day low at $33.69 to a day high of $34.04. The price has risen in 6 of the last 10 days and is up by 0.18% 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 -602 thousand shares and in total, 483 thousand shares were bought and sold for approximately $16.33 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $33.15 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect carsales.com Ltd stock with a 90% probability to be traded between $33.01 and $36.59 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CAR.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 2.05%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The carsales.com Ltd 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 $34.72. On a fall, the stock will find some support from the short-term average at $33.65. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Monday, March 25, 2024 and based on theory for this formation the price should fall by -0.310% to $33.72 within 17 trading days since signal was issued (Wednesday, May 01, 2024).
Support, Risk & Stop-loss for carsales.com Ltd stock
carsales.com Ltd finds support from accumulated volume at $33.47 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 $0.350 (1.04%) between high and low. For the last week, the stock has had daily average volatility of 1.60%.
Our recommended stop-loss: $32.00 (-5.42%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (CAR.AX) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect carsales.com Ltd to open at $33.85, and during the day (based on 14 day Average True Range), to move between $33.15 and $34.51, which gives a possible trading interval of +/-$0.676 (+/-2.00%) up or down from last closing price. If carsales.com Ltd takes out the full calculated possible swing range there will be an estimated 3.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $33.47 (1.06%) than the resistance at $35.33 (4.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is carsales.com Ltd stock A Buy?
carsales.com Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.287 Hold/Accumulate Downgraded
Predicted Opening Price for carsales.com Ltd of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $33.85 ( 0.0690%) | $33.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAR.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.20 | 1.10 % | |
| R2 | 34.07 | 0.708 % | ||
| R1 | 33.99 | 0.464 % | ||
| Current price: | 33.83 | |||
| Support | S1 | 33.72 | -0.326 % | |
| S2 | 33.64 | -0.570 % | ||
| S3 | 33.50 | -0.97 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.76 | 8.66 % | |
| R2 | 35.70 | 5.53 % | ||
| R1 | 35.33 | 4.43 % | ||
| Current price | 33.83 | |||
| Support | S1 | 33.47 | -1.06% | |
| S2 | 33.35 | -1.42% | ||
| S3 | 33.01 | -2.42% |
CAR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 15, 2024 | Mar 15, 2024 | Apr 15, 2024 | $0.345 | 1.02% |
| 2 | Mar 17, 2023 | Mar 17, 2023 | Mar 17, 2023 | $0.285 | 1.33% |
| 3 | Sep 16, 2022 | Sep 16, 2022 | Sep 16, 2022 | $0.243 | 1.17% |
| 4 | Mar 18, 2022 | Mar 18, 2022 | Mar 18, 2022 | $0.247 | 1.19% |
| 5 | Sep 17, 2021 | Sep 17, 2021 | Sep 17, 2021 | $0.218 | 0.87% |
FAQ
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