Cochlear Limited Stock Forecast
Cochlear Limited stock price up 4.08% on Wednesday
(Updated on May 15, 2024)
The Cochlear Limited stock price gained 4.08% on the last trading day (Wednesday, 15th May 2024), rising from $108.34 to $112.76. 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 0.452% from a day low at $112.25 to a day high of $112.76. The price has risen in 7 of the last 10 days and is up by 9.37% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 972 shares were bought and sold for approximately $109.60 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.
Given the current short-term trend, the stock is expected to fall -6.25% during the next 3 months and, with a 90% probability hold a price between $92.17 and $105.71 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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CHEOY Signals & Forecast
The Cochlear Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $108.27 and $106.11. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 11.75%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 also not.
Support, Risk & Stop-loss for Cochlear Limited stock
Cochlear Limited finds support from accumulated volume at $108.19 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.508 between high and low, or 0.452%. For the last week the stock has had daily average volatility of 1.54%.
Our recommended stop-loss: $107.32 (-4.82%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (CHEOY) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Cochlear Limited to open at $112.59, and during the day (based on 14 day Average True Range), to move between $110.68 and $114.84, which gives a possible trading interval of +/-$2.08 (+/-1.84%) up or down from last closing price. If Cochlear Limited takes out the full calculated possible swing range there will be an estimated 3.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $112.90 (0.13%) than the support at $108.19 (4.05%), 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 Cochlear Limited stock A Buy?
Cochlear Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Cochlear Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| $112.59 ( 0.150%) | $112.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHEOY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 113.10 | 0.300 % | |
| R2 | 112.90 | 0.128 % | ||
| R1 | 112.78 | 0.0219 % | ||
| Current price: | 112.76 | |||
| Support | S1 | 112.39 | -0.322 % | |
| S2 | 112.27 | -0.428 % | ||
| S3 | 112.08 | -0.600 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 113.60 | 0.747 % | |
| R2 | 113.39 | 0.561 % | ||
| R1 | 112.90 | 0.126 % | ||
| Current price | 112.76 | |||
| Support | S1 | 108.19 | -4.05% | |
| S2 | 108.13 | -4.10% | ||
| S3 | 100.90 | -10.52% |
CHEOY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2024 | Mar 21, 2024 | Apr 30, 2024 | $0.590 | 0.560% |
| 2 | Sep 15, 2023 | Sep 15, 2023 | Oct 26, 2023 | $0.516 | 0.670% |
| 3 | Jun 19, 2023 | Mar 20, 2023 | May 01, 2023 | $0.534 | 0.654% |
| 4 | Sep 16, 2022 | Sep 21, 2022 | Nov 01, 2022 | $0.499 | 0.781% |
| 5 | Mar 22, 2022 | Mar 25, 2022 | May 06, 2022 | $0.564 | 0.734% |
FAQ
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