Codexis Stock Forecast
Codexis stock upgraded to Sell Candidate.
(Updated on Apr 26, 2024)
The Codexis stock price gained 0.377% on the last trading day (Friday, 26th Apr 2024), rising from $2.65 to $2.66. During the last trading day the stock fluctuated 4.35% from a day low at $2.62 to a day high of $2.74. The price has risen in 7 of the last 10 days but is still down by -7.32% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 245 thousand more shares were traded than the day before. In total, 510 thousand shares were bought and sold for approximately $1.36 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $2.65 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Codexis stock with a 90% probability to be traded between $2.63 and $4.59 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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CDXS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 0.377%. Further rise is indicated until a new top pivot has been found. Codexis 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Codexis stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.79 and $3.17. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Codexis stock
Codexis finds support from accumulated volume at $2.65 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.114 between high and low, or 4.35%. For the last week, the stock has had daily average volatility of 4.70%.
Codexis is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CDXS) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Codexis to open at $2.67, and during the day (based on 14 day Average True Range), to move between $2.47 and $2.85, which gives a possible trading interval of +/-$0.192 (+/-7.22%) up or down from last closing price. If Codexis takes out the full calculated possible swing range there will be an estimated 14.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.65 (0.38%) than the resistance at $2.76 (3.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Codexis will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.170. We will update the financials statements for Codexis, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.38% in the first trading day after earnings release.
Is Codexis stock A Buy?
Codexis holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.257 Sell Candidate Upgraded
Predicted Opening Price for Codexis of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $2.67 ( 0.451%) | $2.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CDXS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.79 | 4.74 % | |
| R2 | 2.74 | 3.10 % | ||
| R1 | 2.72 | 2.09 % | ||
| Current price: | 2.66 | |||
| Support | S1 | 2.63 | -1.19 % | |
| S2 | 2.60 | -2.20 % | ||
| S3 | 2.56 | -3.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.20 | 20.30 % | |
| R2 | 2.87 | 7.89 % | ||
| R1 | 2.76 | 3.76 % | ||
| Current price | 2.66 | |||
| Support | S1 | 2.65 | -0.376% | |
| S2 | 2.63 | -1.13% | ||
| S3 | 2.59 | -2.63% |
FAQ
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