Comp En De Mn Cemig ADS Stock Forecast
Comp En De Mn Cemig ADS stock downgraded to Hold/Accumulate
(Updated on Apr 24, 2024)
The Comp En De Mn Cemig ADS stock price fell by -0.405% on the last day (Wednesday, 24th Apr 2024) from $2.47 to $2.46. During the last trading day the stock fluctuated 1.23% from a day low at $2.43 to a day high of $2.46. The price has fallen in 5 of the last 10 days and is down by -3.15% for this period. Volume has increased on the last day by 58 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $4.06 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.81% during the next 3 months and, with a 90% probability hold a price between $2.58 and $2.93 at the end of this 3-month period.
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CIG Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -5.38%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Comp En De Mn Cemig ADS 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 $2.45 and $2.43. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Comp En De Mn Cemig ADS stock
Comp En De Mn Cemig ADS finds support from accumulated volume at $2.34 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0300 between high and low, or 1.23%. For the last week the stock has had daily average volatility of 1.92%.
Our recommended stop-loss: $2.36 (-4.13%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (CIG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Comp En De Mn Cemig ADS to open at $2.45, and during the day (based on 14 day Average True Range), to move between $2.40 and $2.52, which gives a possible trading interval of +/-$0.0604 (+/-2.46%) up or down from last closing price. If Comp En De Mn Cemig ADS takes out the full calculated possible swing range there will be an estimated 4.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.47 (0.41%) than the support at $2.34 (4.88%), 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
Comp En De Mn Cemig ADS will release earnings BMO on Thursday, May 02, 2024. We will update the financials statements for Comp En De Mn Cemig ADS, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.99% in the first trading day after earnings release.
Is Comp En De Mn Cemig ADS stock A Buy?
Comp En De Mn Cemig ADS 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.885 Hold/Accumulate Downgraded
Predicted Opening Price for Comp En De Mn Cemig ADS of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2.45 ( 0.407%) | $2.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CIG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.48 | 0.81 % | |
| R2 | 2.47 | 0.347 % | ||
| R1 | 2.46 | 0.0593 % | ||
| Current price: | 2.46 | |||
| Support | S1 | 2.44 | -0.87 % | |
| S2 | 2.43 | -1.16 % | ||
| S3 | 2.42 | -1.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.54 | 3.25 % | |
| R2 | 2.52 | 2.44 % | ||
| R1 | 2.47 | 0.407 % | ||
| Current price | 2.46 | |||
| Support | S1 | 2.34 | -4.88% | |
| S2 | 2.32 | -5.69% | ||
| S3 | 2.25 | -8.54% |
CIG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 22, 2024 | Mar 28, 2024 | Mar 28, 2024 | $0.0299 | 1.21% |
| 2 | Dec 22, 2023 | Dec 22, 2023 | Dec 22, 2023 | $0.122 | 5.40% |
| 3 | Jun 22, 2023 | Jun 30, 2023 | Aug 06, 2023 | $0.0410 | 1.68% |
| 4 | Apr 20, 2023 | Apr 28, 2023 | Jul 27, 2023 | $0.0224 | 0.87% |
| 5 | Mar 23, 2023 | Mar 31, 2023 | Dec 13, 2017 | $0.0370 | 2.82% |
FAQ
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