Cenntro Electric Stock Forecast
Stronger technical forecast for Cenntro Electric stock price after Wednesday trading.
(Updated on Apr 17, 2024)
The Cenntro Electric stock price gained 0.680% on the last trading day (Wednesday, 17th Apr 2024), rising from $1.47 to $1.48. During the last trading day the stock fluctuated 8.51% from a day low at $1.41 to a day high of $1.53. The price has fallen in 5 of the last 10 days and is down by -1.99% for this period. Volume fell on the last day by -19 thousand shares and in total, 66 thousand shares were bought and sold for approximately $96.98 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 lies in the lower part of a very 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 $1.47 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 32.14% during the next 3 months and, with a 90% probability hold a price between $1.94 and $2.50 at the end of this 3-month period.
CENN Signals & Forecast
The Cenntro Electric 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 $1.60. On a fall, the stock will find some support from the long-term average at approximately $1.48. 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 Monday, April 08, 2024, and so far it has fallen -19.57%. 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 Cenntro Electric stock
Cenntro Electric finds support from accumulated volume at $1.44 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 $0.120 between high and low, or 8.51%. For the last week the stock has had daily average volatility of 12.53%.
Our recommended stop-loss: $1.40 (-5.44%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (CENN) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Cenntro Electric Group Limited to open at $1.47, and during the day (based on 14 day Average True Range), to move between $1.34 and $1.62, which gives a possible trading interval of +/-$0.141 (+/-9.56%) up or down from last closing price. If Cenntro Electric Group Limited takes out the full calculated possible swing range there will be an estimated 19.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.49 (0.68%) than the support at $1.44 (2.70%), 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 Cenntro Electric Group Limited stock A Buy?
Cenntro Electric 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: 0.578 Hold/Accumulate Upgraded
Predicted Opening Price for Cenntro Electric Group Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $1.47 ( 0.450%) | $1.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CENN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.59 | 7.66 % | |
| R2 | 1.55 | 4.56 % | ||
| R1 | 1.52 | 2.65 % | ||
| Current price: | 1.48 | |||
| Support | S1 | 1.43 | -3.55 % | |
| S2 | 1.40 | -5.46 % | ||
| S3 | 1.35 | -8.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.69 | 14.19 % | |
| R2 | 1.51 | 2.03 % | ||
| R1 | 1.49 | 0.676 % | ||
| Current price | 1.48 | |||
| Support | S1 | 1.44 | -2.70% | |
| S2 | 1.42 | -4.05% | ||
| S3 | 1.36 | -8.11% |
FAQ
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