Century Aluminum Company Stock Forecast

Big movements in Century Aluminum Company stock price on Tuesday moving 11.88% between high and low
(Updated on Jul 02, 2024)

CENX Signals & Forecast

Mostly positive signals in the chart today. The Century Aluminum Company 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 $16.84 and $17.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 24.21%. 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 Century Aluminum Company stock

On the downside, the stock finds support just below today's level from accumulated volume at $17.55 and $16.51. 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, Century Aluminum Company finds support just below today's level at $17.55. If this is broken, then the next support from accumulated volume will be at $16.51 and $16.01.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.01 between high and low, or 11.88%. For the last week, the stock has had daily average volatility of 5.83%.

The Century Aluminum Company stock is extremely overbought on RSI14 (80). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $18.09 (-4.43%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (CENX) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Century Aluminum Company to open at $18.26, and during the day (based on 14 day Average True Range), to move between $18.02 and $19.84, which gives a possible trading interval of +/-$0.91 (+/-4.78%) up or down from last closing price. If Century Aluminum Company takes out the full calculated possible swing range there will be an estimated 9.57% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $18.96 (0.16%) than the support at $17.55 (7.29%), 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 Century Aluminum Company stock A Buy?

Century Aluminum Company holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Buy candidate.

Current score: 5.292 Strong Buy Candidate Upgraded

Predicted Opening Price for Century Aluminum Company of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.