Cenntro Electric Stock Forecast
Cenntro Electric stock price took a fall of -7.79% on Tuesday
(Updated on Apr 30, 2024)
The Cenntro Electric stock price fell by -7.79% on the last day (Tuesday, 30th Apr 2024) from $1.54 to $1.42. During the last trading day the stock fluctuated 9.15% from a day low at $1.42 to a day high of $1.55. The price has fallen in 6 of the last 10 days and is down by -3.4% for this period. Volume has increased on the last day by 17 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 79 thousand shares were bought and sold for approximately $111.69 thousand.
Given the current short-term trend, the stock is expected to rise 22.24% during the next 3 months and, with a 90% probability hold a price between $1.74 and $2.36 at the end of this 3-month period.
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CENN Signals & Forecast
There are few to no technical positive signals at the moment. The Cenntro Electric 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 $1.50 and $1.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -22.83%. 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). Cenntro Electric gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Cenntro Electric stock
Cenntro Electric finds support from accumulated volume at $1.41 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 $0.130 between high and low, or 9.15%. For the last week, the stock has had daily average volatility of 5.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CENN) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Cenntro Electric Group Limited to open at $1.46, and during the day (based on 14 day Average True Range), to move between $1.30 and $1.54, which gives a possible trading interval of +/-$0.120 (+/-8.47%) 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 16.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.41 (0.70%) than the resistance at $1.44 (1.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cenntro Electric Group Limited stock A Buy?
The Cenntro Electric stock holds several negative signals and despite the positive trend, we believe Cenntro Electric will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.023 Sell Candidate Downgraded
Predicted Opening Price for Cenntro Electric Group Limited of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $1.46 ( 3.05%) | $1.42 |
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 | 12.21 % | |
| R2 | 1.54 | 8.71 % | ||
| R1 | 1.51 | 6.55 % | ||
| Current price: | 1.42 | |||
| Support | S1 | 1.41 | -0.446 % | |
| S2 | 1.38 | -2.61 % | ||
| S3 | 1.33 | -6.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.69 | 19.01 % | |
| R2 | 1.51 | 6.34 % | ||
| R1 | 1.44 | 1.41 % | ||
| Current price | 1.42 | |||
| Support | S1 | 1.41 | -0.704% | |
| S2 | 1.40 | -1.41% | ||
| S3 | 1.36 | -4.23% |
FAQ
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