Canada Cobalt Works Inc Stock Forecast
On Friday, Canada Cobalt Works Inc stock price gained an impressive 6.23%
(Updated on May 31, 2024)
The Canada Cobalt Works Inc stock price gained 6.23% on the last trading day (Friday, 31st May 2024), rising from $0.0257 to $0.0273. During the last trading day the stock fluctuated 7.39% from a day low at $0.0257 to a day high of $0.0276. The price has risen in 5 of the last 10 days and is up by 9.2% over the past 2 weeks. Volume fell on the last day by -59 thousand shares and in total, 51 thousand shares were bought and sold for approximately $1.40 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 is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Canada Cobalt Works Inc stock with a 90% probability to be traded between $0.0216 and $0.0311 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 a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.0277. On a fall, the stock will find some support from the long-term average at approximately $0.0267. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 22, 2024, and so far it has fallen -11.07%. Further fall is indicated until a new bottom pivot has been found. 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.
Support, Risk & Stop-loss for Canada Cobalt Works Inc stock
Canada Cobalt Works Inc finds support from accumulated volume at $0.0265 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 $0.0019 between high and low, or 7.39%. For the last week the stock has had daily average volatility of 11.01%.
Our recommended stop-loss: $0.0260 (-4.67%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (CCWOF) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Canada Cobalt Works Inc to open at $0.0269, and during the day (based on 14 day Average True Range), to move between $0.0241 and $0.0305, which gives a possible trading interval of +/-$0.0032 (+/-11.78%) 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 23.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0275 (0.73%) than the support at $0.0265 (2.93%), 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?
Canada Cobalt Works Inc 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.361 Hold/Accumulate Upgraded
Predicted Opening Price for Canada Cobalt Works Inc of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.0269 ( 1.59%) | $0.0273 |
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 | 0.0288 | 5.37 % | |
| R2 | 0.0280 | 2.71 % | ||
| R1 | 0.0276 | 1.07 % | ||
| Current price: | 0.0273 | |||
| Support | S1 | 0.0261 | -4.25 % | |
| S2 | 0.0257 | -5.89 % | ||
| S3 | 0.0250 | -8.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0292 | 6.96 % | |
| R2 | 0.0277 | 1.47 % | ||
| R1 | 0.0275 | 0.733 % | ||
| Current price | 0.0273 | |||
| Support | S1 | 0.0265 | -2.93% | |
| S2 | 0.0250 | -8.42% | ||
| S3 | 0.0225 | -17.58% |
FAQ
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