Canarc Resource Corp. Stock Forecast
Canarc Resource Corp. stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 10, 2024)
The Canarc Resource Corp. stock price gained 2.13% on the last trading day (Friday, 10th May 2024), rising from $0.235 to $0.240. During the last trading day the stock fluctuated 4.35% from a day low at $0.230 to a day high of $0.240. The price has been going up and down for this period, and there has been a -2.04% loss for the last 2 weeks. Volume fell on the last day by -87 thousand shares and in total, 48 thousand shares were bought and sold for approximately $11.59 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 wide and strong 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 32.03% during the next 3 months and, with a 90% probability hold a price between $0.303 and $0.345 at the end of this 3-month period.
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CCM.TO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -5.88%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The Canarc Resource 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 $0.239 and $0.238. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Canarc Resource Corp. stock
Canarc Resource Corp. finds support from accumulated volume at $0.235 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0100 between high and low, or 4.35%. For the last week the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: $0.228 (-5.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (CCM.TO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Canarc Resource Corp. to open at $0.237, and during the day (based on 14 day Average True Range), to move between $0.231 and $0.249, which gives a possible trading interval of +/-$0.0088 (+/-3.68%) up or down from last closing price. If Canarc Resource Corp. takes out the full calculated possible swing range there will be an estimated 7.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.245 (2.08%) than the support at $0.235 (2.08%), 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.
Earnings coming up
Canarc Resource Corp. will release earnings BMO on Sunday, May 12, 2024. We will update the financials statements for Canarc Resource Corp., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.81% in the first trading day after earnings release.
Is Canarc Resource 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 Canarc Resource Corp. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.424 Buy Candidate Upgraded
Predicted Opening Price for Canarc Resource Corp. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.237 ( 1.39%) | $0.240 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CCM.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.247 | 2.78 % | |
| R2 | 0.243 | 1.19 % | ||
| R1 | 0.240 | 0.203 % | ||
| Current price: | 0.240 | |||
| Support | S1 | 0.233 | -2.98 % | |
| S2 | 0.230 | -3.96 % | ||
| S3 | 0.227 | -5.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.255 | 6.25 % | |
| R2 | 0.250 | 4.17 % | ||
| R1 | 0.245 | 2.08 % | ||
| Current price | 0.240 | |||
| Support | S1 | 0.235 | -2.08% | |
| S2 | 0.230 | -4.17% | ||
| S3 | 0.200 | -16.67% |
FAQ
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