CGX Energy Inc. Stock Forecast
Evaluation of CGX Energy Inc. stock downgraded after the last trading session.
(Updated on May 03, 2024)
The CGX Energy Inc. stock price gained 0.550% on the last trading day (Friday, 3rd May 2024), rising from $0.255 to $0.256. During the last trading day the stock fluctuated 5.76% from a day low at $0.255 to a day high of $0.270. The price has risen in 6 of the last 10 days but is still down by -2.81% for this period. Volume fell on the last day by -56 thousand shares and in total, 9 thousand shares were bought and sold for approximately $2.40 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 $0.251 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 16.25% during the next 3 months and, with a 90% probability hold a price between $0.292 and $0.377 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CGXEF Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 2.65%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The CGX Energy Inc. 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 $0.265 and $0.274. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 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 $0.0147 between high and low, or 5.76%. For the last week the stock has had daily average volatility of 4.61%.
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 Monday 6th
For the upcoming trading day on Monday, 6th we expect CGX Energy Inc. to open at $0.260, and during the day (based on 14 day Average True Range), to move between $0.241 and $0.271, which gives a possible trading interval of +/-$0.0148 (+/-5.78%) up or down from last closing price. If CGX Energy Inc. takes out the full calculated possible swing range there will be an estimated 11.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.240 (6.21%) than the resistance at $0.275 (7.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
CGX Energy Inc. will release earnings BMO on Monday, May 06, 2024. We will update the financials statements for CGX Energy Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 13.10% in the first trading day after earnings release.
Is CGX Energy Inc. stock A Buy?
The CGX Energy Inc. stock holds several negative signals and despite the positive trend, we believe CGX Energy Inc. 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 Hold/Accumulate to a Sell candidate.
Current score: -1.638 Sell Candidate Downgraded
Predicted Opening Price for CGX Energy Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.260 ( 1.68%) | $0.256 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGXEF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.275 | 7.42 % | |
| R2 | 0.269 | 5.23 % | ||
| R1 | 0.266 | 3.87 % | ||
| Current price: | 0.256 | |||
| Support | S1 | 0.255 | -0.508 % | |
| S2 | 0.251 | -1.86 % | ||
| S3 | 0.246 | -4.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.290 | 13.33 % | |
| R2 | 0.287 | 12.27 % | ||
| R1 | 0.275 | 7.50 % | ||
| Current price | 0.256 | |||
| Support | S1 | 0.240 | -6.21% | |
| S2 | 0.214 | -16.32% | ||
| S3 | 0.211 | -17.70% |
FAQ
Click here for our free guide on how to buy CGX Energy Inc. Stock.
