CATES ELEKTRIK Stock Forecast
Weaker technical forecast for CATES ELEKTRIK as stock downgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The CATES ELEKTRIK stock price fell by -2.62% on the last day (Friday, 10th May 2024) from TRY 63.00 to TRY 61.35. During the last trading day the stock fluctuated 8.19% from a day low at TRY 59.85 to a day high of TRY 64.75. The price has risen in 6 of the last 10 days and is up by 7.63% 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 -1 million shares and in total, 11 million shares were bought and sold for approximately TRY 700.03 million.
The stock lies the upper part of a very wide and falling 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 TRY 62.62 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -26.46% during the next 3 months and, with a 90% probability hold a price between TRY 32.17 and TRY 46.05 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CATES.IS Signals & Forecast
The CATES ELEKTRIK 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 TRY 59.28 and TRY 56.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 03, 2024, and so far it has risen 17.64%. Further rise is indicated until a new top pivot has been found. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for CATES ELEKTRIK stock
CATES ELEKTRIK finds support from accumulated volume at TRY 59.65 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 TRY 4.90 between high and low, or 8.19%. For the last week, the stock has had daily average volatility of 7.24%.
Our recommended stop-loss: TRY 58.29 (-4.99%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (CATES.IS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect CATES ELEKTRIK to open at TRY 61.98, and during the day (based on 14 day Average True Range), to move between TRY 57.67 and TRY 65.03, which gives a possible trading interval of +/-TRY 3.68 (+/-6.00%) up or down from last closing price. If CATES ELEKTRIK takes out the full calculated possible swing range there will be an estimated 12.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 62.20 (1.39%) than the support at TRY 59.65 (2.77%), 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 CATES ELEKTRIK stock A Buy?
CATES ELEKTRIK 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: 0.820 Hold/Accumulate Downgraded
Predicted Opening Price for CATES ELEKTRIK of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| TRY 61.98 ( 1.03%) | TRY 61.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CATES.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 66.88 | 9.02 % | |
| R2 | 65.01 | 5.97 % | ||
| R1 | 63.86 | 4.08 % | ||
| Current price: | 61.35 | |||
| Support | S1 | 60.11 | -2.02 % | |
| S2 | 58.96 | -3.90 % | ||
| S3 | 57.08 | -6.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 74.50 | 21.43 % | |
| R2 | 63.00 | 2.69 % | ||
| R1 | 62.20 | 1.39 % | ||
| Current price | 61.35 | |||
| Support | S1 | 59.65 | -2.77% | |
| S2 | 58.50 | -4.65% | ||
| S3 | 58.00 | -5.46% |
FAQ
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