Codexis Stock Forecast
Volatile ride for Codexis stock price on Friday moving between $3.53 and $4.01
(Updated on May 03, 2024)
The Codexis stock price gained 17.37% on the last trading day (Friday, 3rd May 2024), rising from $3.34 to $3.92. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 13.60% from a day low at $3.53 to a day high of $4.01. The price has risen in 7 of the last 10 days and is up by 38.52% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 967 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $6.63 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.73% during the next 3 months and, with a 90% probability hold a price between $2.50 and $4.28 at the end of this 3-month period.
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CDXS Signals & Forecast
Mostly positive signals in the chart today. The Codexis 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 $3.09 and $3.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 47.92%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Codexis stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.72 and $3.49. 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, Codexis finds support just below today's level at $3.72. If this is broken, then the next support from accumulated volume will be at $3.49 and $3.47.
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 $0.480 between high and low, or 13.60%. For the last week, the stock has had daily average volatility of 10.89%.
Our recommended stop-loss: $3.79 (-3.38%) (This stock has high daily movements and this gives high risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (CDXS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Codexis to open at $3.82, and during the day (based on 14 day Average True Range), to move between $3.66 and $4.18, which gives a possible trading interval of +/-$0.255 (+/-6.51%) up or down from last closing price. If Codexis takes out the full calculated possible swing range there will be an estimated 13.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.72 (5.10%) than the resistance at $4.15 (5.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Codexis stock A Buy?
Codexis holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Codexis stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.996 Strong Buy Candidate Upgraded
Predicted Opening Price for Codexis of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $3.82 ( 2.55%) | $3.92 |
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 | 4.30 | 9.69 % | |
| R2 | 4.12 | 5.02 % | ||
| R1 | 4.00 | 2.13 % | ||
| Current price: | 3.92 | |||
| Support | S1 | 3.64 | -7.23 % | |
| S2 | 3.52 | -10.12 % | ||
| S3 | 3.34 | -14.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.65 | 18.62 % | |
| R2 | 4.61 | 17.60 % | ||
| R1 | 4.15 | 5.87 % | ||
| Current price | 3.92 | |||
| Support | S1 | 3.72 | -5.10% | |
| S2 | 3.49 | -10.97% | ||
| S3 | 3.47 | -11.48% |
FAQ
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