Canada Cobalt Works Inc Stock Forecast
High volatility in Canada Cobalt Works Inc stock price on Friday which ended trading at $0.0292
(Updated on May 17, 2024)
The Canada Cobalt Works Inc stock price gained 16.80% on the last trading day (Friday, 17th May 2024), rising from $0.0250 to $0.0292. During the last trading day the stock fluctuated 19.52% from a day low at $0.0251 to a day high of $0.0300. The price has been going up and down for this period, and there has been a 14.51% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 634 thousand more shares were traded than the day before. In total, 637 thousand shares were bought and sold for approximately $18.59 thousand.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $0.0299 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Canada Cobalt Works Inc stock with a 90% probability to be traded between $0.0208 and $0.0297 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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CCWOF Signals & Forecast
The Canada Cobalt Works Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0252 and $0.0261. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 26.68%. Further rise is indicated until a new top pivot has been found. Canada Cobalt Works Inc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A sell signal from a double top formation was found on Wednesday, March 06, 2024 and based on theory for this formation the price should fall by -12.67% to $0.0255 within 4 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for Canada Cobalt Works Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0277 and $0.0250. 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, Canada Cobalt Works Inc finds support just below today's level at $0.0277. If this is broken, then the next support from accumulated volume will be at $0.0250 and $0.0225.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0049 between high and low, or 19.52%. For the last week, the stock has had daily average volatility of 10.66%.
Our recommended stop-loss: $0.0281 (-3.80%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (CCWOF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Canada Cobalt Works Inc to open at $0.0281, and during the day (based on 14 day Average True Range), to move between $0.0260 and $0.0324, which gives a possible trading interval of +/-$0.0032 (+/-11.01%) up or down from last closing price. If Canada Cobalt Works Inc takes out the full calculated possible swing range there will be an estimated 22.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0300 (2.74%) than the support at $0.0277 (5.14%), 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 Canada Cobalt Works Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Canada Cobalt Works Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.997 Buy Candidate Upgraded
Predicted Opening Price for Canada Cobalt Works Inc of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0281 ( 3.77%) | $0.0292 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CCWOF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0330 | 13.01 % | |
| R2 | 0.0311 | 6.60 % | ||
| R1 | 0.0300 | 2.64 % | ||
| Current price: | 0.0292 | |||
| Support | S1 | 0.0262 | -10.18 % | |
| S2 | 0.0251 | -14.14 % | ||
| S3 | 0.0232 | -20.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.0300 | 2.74 % | ||
| Current price | 0.0292 | |||
| Support | S1 | 0.0277 | -5.14% | |
| S2 | 0.0250 | -14.38% | ||
| S3 | 0.0225 | -22.95% |
FAQ
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