Codan Limited Stock Forecast
Stronger technical forecast for Codan Limited stock price after Friday trading.
(Updated on May 03, 2024)
The Codan Limited stock price gained 1.04% on the last trading day (Friday, 3rd May 2024), rising from $10.60 to $10.71. During the last trading day the stock fluctuated 2.72% from a day low at $10.66 to a day high of $10.95. The price has fallen in 6 of the last 10 days and is down by -0.37% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 152 thousand more shares were traded than the day before. In total, 261 thousand shares were bought and sold for approximately $2.80 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $10.43 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 27.54% during the next 3 months and, with a 90% probability hold a price between $13.30 and $15.26 at the end of this 3-month period.
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CDA.AX Signals & Forecast
The Codan Limited 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 $10.80. On a fall, the stock will find some support from the long-term average at approximately $10.70. 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. Volume is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, April 02, 2024, and so far it has fallen -2.90%. 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).
Support, Risk & Stop-loss for Codan Limited stock
Codan Limited finds support from accumulated volume at $10.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.290 between high and low, or 2.72%. For the last week the stock has had daily average volatility of 2.40%.
Our recommended stop-loss: $10.27 (-4.10%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (CDA.AX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Codan Limited to open at $10.77, and during the day (based on 14 day Average True Range), to move between $10.42 and $11.00, which gives a possible trading interval of +/-$0.294 (+/-2.74%) up or down from last closing price. If Codan Limited takes out the full calculated possible swing range there will be an estimated 5.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $10.75 (0.37%) than the support at $10.40 (2.89%), 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 Codan Limited 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 Codan Limited 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: 4.188 Buy Candidate Upgraded
Predicted Opening Price for Codan Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $10.77 ( 0.591%) | $10.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CDA.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.06 | 3.30 % | |
| R2 | 10.95 | 2.26 % | ||
| R1 | 10.88 | 1.63 % | ||
| Current price: | 10.71 | |||
| Support | S1 | 10.66 | -0.443 % | |
| S2 | 10.59 | -1.08 % | ||
| S3 | 10.48 | -2.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.88 | 1.59 % | |
| R2 | 10.81 | 0.93 % | ||
| R1 | 10.75 | 0.373 % | ||
| Current price | 10.71 | |||
| Support | S1 | 10.40 | -2.89% | |
| S2 | 10.35 | -3.36% | ||
| S3 | 9.79 | -8.59% |
CDA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 26, 2024 | Feb 26, 2024 | Mar 12, 2024 | $0.105 | 1.01% |
| 2 | Feb 23, 2023 | Feb 23, 2023 | Feb 23, 2023 | $0.0900 | 1.64% |
| 3 | Aug 25, 2022 | Aug 25, 2022 | Aug 25, 2022 | $0.150 | 2.11% |
| 4 | Feb 23, 2022 | Feb 23, 2022 | Feb 23, 2022 | $0.130 | 1.68% |
| 5 | Aug 25, 2021 | Aug 25, 2021 | Aug 25, 2021 | $0.165 | 1.07% |
FAQ
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