CGX Energy Inc. Stock Forecast

CGX Energy Inc. stock downgraded to Sell Candidate
(Updated on Apr 24, 2024)

CGXEF Signals & Forecast

There are mixed signals in the stock today. The CGX Energy Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.273. On a fall, the stock will find some support from the short-term average at $0.269. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, March 18, 2024, and so far it has fallen -10.00%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for CGX Energy Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.240 and $0.214. 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, CGX Energy Inc. finds support just below today's level at $0.240. If this is broken, then the next support from accumulated volume will be at $0.214 and $0.211.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0180 between high and low, or 7.14%. For the last week the stock has had daily average volatility of 5.24%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CGXEF) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect CGX Energy Inc. to open at $0.264, and during the day (based on 14 day Average True Range), to move between $0.254 and $0.286, which gives a possible trading interval of +/-$0.0162 (+/-5.99%) up or down from last closing price. If CGX Energy Inc. takes out the full calculated possible swing range there will be an estimated 11.99% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.275 (1.89%) than the support at $0.240 (11.11%), 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 CGX Energy Inc. stock A Buy?

CGX Energy 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -4.274 Sell Candidate Downgraded

Predicted Opening Price for CGX Energy Inc. of Thursday, April 25, 2024

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