Chemung Financial Corp Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Wednesday for Chemung Financial Corp stock after gaining 0.658%
(Updated on Apr 17, 2024)
The Chemung Financial Corp stock price gained 0.658% on the last trading day (Wednesday, 17th Apr 2024), rising from $39.54 to $39.80. During the last trading day the stock fluctuated 1.04% from a day low at $39.40 to a day high of $39.81. The price has fallen in 7 of the last 10 days and is down by -3.05% for this period. Volume fell on the last day by -1 thousand shares and in total, 2 thousand shares were bought and sold for approximately $88.36 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 middle of a 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 -16.63% during the next 3 months and, with a 90% probability hold a price between $32.57 and $35.00 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.
CHMG Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.99%. 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 Chemung Financial Corp 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 $39.85 and $41.50. 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 Chemung Financial Corp stock
Chemung Financial Corp finds support from accumulated volume at $39.54 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 $0.410 between high and low, or 1.04%. For the last week the stock has had daily average volatility of 1.77%.
Chemung Financial Corp is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHMG) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Chemung Financial Corp to open at $39.67, and during the day (based on 14 day Average True Range), to move between $39.05 and $40.55, which gives a possible trading interval of +/-$0.751 (+/-1.89%) up or down from last closing price. If Chemung Financial Corp takes out the full calculated possible swing range there will be an estimated 3.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $39.98 (0.45%) than the support at $39.54 (0.65%), 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.
Earnings coming up
Chemung Financial Corp will release earnings BMO on Thursday, April 18, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.08. We will update the financials statements for Chemung Financial Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.84% in the first trading day after earnings release.
Is Chemung Financial Corp stock A Buy?
Chemung Financial Corp holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.413 Sell Candidate Unchanged
Predicted Opening Price for Chemung Financial Corp of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $39.67 ( 0.327%) | $39.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHMG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.08 | 0.704 % | |
| R2 | 39.92 | 0.310 % | ||
| R1 | 39.83 | 0.0669 % | ||
| Current price: | 39.80 | |||
| Support | S1 | 39.51 | -0.720 % | |
| S2 | 39.42 | -0.96 % | ||
| S3 | 39.26 | -1.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.43 | 6.61 % | |
| R2 | 42.00 | 5.53 % | ||
| R1 | 39.98 | 0.452 % | ||
| Current price | 39.80 | |||
| Support | S1 | 39.54 | -0.653% | |
| S2 | 39.51 | -0.729% | ||
| S3 | 39.41 | -0.98% |
CHMG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 15, 2024 | Apr 01, 2024 | $0.310 | 0.741% |
| 2 | Nov 15, 2023 | Dec 18, 2023 | Jan 02, 2024 | $0.310 | 0.621% |
| 3 | Aug 16, 2023 | Sep 15, 2023 | Oct 02, 2023 | $0.310 | 0.783% |
| 4 | May 17, 2023 | Jun 16, 2023 | Jul 03, 2023 | $0.310 | 0.80% |
| 5 | Feb 15, 2023 | Mar 17, 2023 | Apr 03, 2023 | $0.310 | 0.748% |
FAQ
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