Cresco Labs Inc. Stock Forecast
Cresco Labs Inc. stock downgraded from Buy Candidate to Sell Candidate after Monday trading session.
(Updated on May 06, 2024)
The Cresco Labs Inc. stock price fell by -3.72% on the last day (Monday, 6th May 2024) from $2.96 to $2.85. During the last trading day the stock fluctuated 8.07% from a day low at $2.85 to a day high of $3.08. The price has risen in 6 of the last 10 days and is up by 5.95% over the past 2 weeks. Volume has increased on the last day by 87 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, 240 thousand shares were bought and sold for approximately $684.84 thousand.
The stock lies in the middle of a very 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 18.85% during the next 3 months and, with a 90% probability hold a price between $2.84 and $4.08 at the end of this 3-month period.
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CL.CN Signals & Forecast
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. The Cresco Labs Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $2.98 and $2.90. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -16.18%. Further fall is indicated until a new bottom pivot has been found. Cresco Labs Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Cresco Labs Inc. stock
Cresco Labs Inc. finds support from accumulated volume at $2.80 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 $0.230 between high and low, or 8.07%. For the last week, the stock has had daily average volatility of 13.14%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CL.CN) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Cresco Labs Inc. to open at $2.93, and during the day (based on 14 day Average True Range), to move between $2.59 and $3.11, which gives a possible trading interval of +/-$0.261 (+/-9.17%) up or down from last closing price. If Cresco Labs Inc. takes out the full calculated possible swing range there will be an estimated 18.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.80 (1.75%) than the resistance at $2.98 (4.56%), 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
Cresco Labs Inc. will release earnings BMO on Wednesday, May 15, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0300. We will update the financials statements for Cresco Labs Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.73% in the first trading day after earnings release.
Is Cresco Labs Inc. stock A Buy?
The Cresco Labs Inc. stock holds several negative signals and despite the positive trend, we believe Cresco Labs 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 Buy to a Sell candidate.
Current score: -4.595 Sell Candidate Downgraded
Predicted Opening Price for Cresco Labs Inc. of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
$2.93 ( 2.69%) | $2.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CL.CN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.16 | 10.76 % | |
R2 | 3.07 | 7.68 % | ||
R1 | 3.01 | 5.77 % | ||
Current price: | 2.85 | |||
Support | S1 | 2.84 | -0.393 % | |
S2 | 2.78 | -2.30 % | ||
S3 | 2.70 | -5.38 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.40 | 19.30 % | |
R2 | 3.04 | 6.67 % | ||
R1 | 2.98 | 4.56 % | ||
Current price | 2.85 | |||
Support | S1 | 2.80 | -1.75% | |
S2 | 2.39 | -16.14% | ||
S3 | 2.33 | -18.25% |
FAQ
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