The Chefs Stock Forecast
The Chefs stock price up 2.27% on Friday
(Updated on May 03, 2024)
The The Chefs stock price gained 2.27% on the last trading day (Friday, 3rd May 2024), rising from $36.94 to $37.78. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.94% from a day low at $37.10 to a day high of $38.19. The price has risen in 7 of the last 10 days and is up by 16.53% over the past 2 weeks. Volume fell on the last day by -315 thousand shares and in total, 365 thousand shares were bought and sold for approximately $13.78 million. 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 stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $37.29, a level that may pose a second chance to hit a runner. According to fan-theory $42.72 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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CHEF Signals & Forecast
Mostly positive signals in the chart today. The The Chefs 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 $34.79 and $35.05. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 17.40%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for The Chefs stock
The Chefs finds support from accumulated volume at $37.01 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 $1.09 between high and low, or 2.94%. For the last week, the stock has had daily average volatility of 5.46%.
Our recommended stop-loss: $36.63 (-3.04%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (CHEF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect The Chefs to open at $37.69, and during the day (based on 14 day Average True Range), to move between $36.32 and $39.24, which gives a possible trading interval of +/-$1.46 (+/-3.86%) up or down from last closing price. If The Chefs takes out the full calculated possible swing range there will be an estimated 7.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $37.84 (0.16%) than the support at $37.01 (2.04%), 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 The Chefs stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 2.942 Buy Candidate Unchanged
Predicted Opening Price for The Chefs of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $37.69 ( 0.238%) | $37.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHEF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.78 | 2.65 % | |
| R2 | 38.36 | 1.54 % | ||
| R1 | 38.11 | 0.86 % | ||
| Current price: | 37.78 | |||
| Support | S1 | 37.27 | -1.34 % | |
| S2 | 37.02 | -2.02 % | ||
| S3 | 36.60 | -3.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.17 | 1.03 % | |
| R2 | 38.01 | 0.609 % | ||
| R1 | 37.84 | 0.159 % | ||
| Current price | 37.78 | |||
| Support | S1 | 37.01 | -2.04% | |
| S2 | 36.12 | -4.39% | ||
| S3 | 34.92 | -7.57% |
FAQ
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