CG Oncology, Inc. Stock Forecast
High volatility in CG Oncology, Inc. stock price on Thursday which ended trading at $39.50
(Updated on May 02, 2024)
The CG Oncology, Inc. stock price fell by -2.76% on the last day (Thursday, 2nd May 2024) from $40.62 to $39.50. During the last trading day the stock fluctuated 10.56% from a day low at $38.50 to a day high of $42.56. The price has risen in 6 of the last 10 days and is up by 11.83% over the past 2 weeks. Volume has increased on the last day by 370 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, 635 thousand shares were bought and sold for approximately $25.09 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 -12.00% during the next 3 months and, with a 90% probability hold a price between $27.67 and $37.87 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CGON Signals & Forecast
The CG Oncology, Inc. 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 $39.55. On a fall, the stock will find some support from the long-term average at approximately $38.94. 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 29, 2024, and so far it has fallen -8.82%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for CG Oncology, Inc. stock
CG Oncology, Inc. finds support from accumulated volume at $38.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $4.07 between high and low, or 10.56%. For the last week, the stock has had daily average volatility of 10.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CGON) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect CG Oncology, Inc. to open at $40.19, and during the day (based on 14 day Average True Range), to move between $36.68 and $42.32, which gives a possible trading interval of +/-$2.82 (+/-7.14%) up or down from last closing price. If CG Oncology, Inc. takes out the full calculated possible swing range there will be an estimated 14.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $40.19 (1.75%) than the support at $38.52 (2.48%), 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 CG Oncology, Inc. stock A Buy?
CG Oncology, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.227 Sell Candidate Unchanged
Predicted Opening Price for CG Oncology, Inc. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $40.19 ( 1.73%) | $39.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 44.25 | 12.03 % | |
| R2 | 42.70 | 8.09 % | ||
| R1 | 41.74 | 5.67 % | ||
| Current price: | 39.50 | |||
| Support | S1 | 38.63 | -2.20 % | |
| S2 | 37.67 | -4.63 % | ||
| S3 | 36.12 | -8.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.00 | 3.80 % | |
| R2 | 40.50 | 2.53 % | ||
| R1 | 40.19 | 1.75 % | ||
| Current price | 39.50 | |||
| Support | S1 | 38.52 | -2.48% | |
| S2 | 35.51 | -10.10% | ||
| S3 | 35.00 | -11.39% |
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