Columbus McKinnon Corporation Stock Forecast
Red day on Friday for Columbus McKinnon Corporation
(Updated on Sep 22, 2023)
The Columbus McKinnon Corporation stock price fell by -1.84% on the last day (Friday, 22nd Sep 2023) from $34.82 to $34.18. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.07% from a day low at $34.18 to a day high of $35.23. The price has fallen in 7 of the last 10 days and is down by -3.61% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -8 thousand shares and in total, 46 thousand shares were bought and sold for approximately $1.56 million.
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The stock lies in the middle of a wide and 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 -15.74% during the next 3 months and, with a 90% probability hold a price between $27.68 and $32.54 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.
CMCO Signals & Forecast
There are few to no technical positive signals at the moment. The Columbus McKinnon Corporation 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 $35.06 and $36.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, August 01, 2023, and so far it has fallen -20.25%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Columbus McKinnon Corporation stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $1.05 between high and low, or 3.07%. For the last week, the stock has had daily average volatility of 2.43%.
Columbus McKinnon Corporation is oversold on RSI14 (21). 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 (CMCO) For The Upcoming Trading Day Of Monday 25th
For the upcoming trading day on Monday, 25th we expect Columbus McKinnon Corporation to open at $34.53, and during the day (based on 14 day Average True Range), to move between $33.28 and $35.08, which gives a possible trading interval of +/-$0.90 (+/-2.64%) up or down from last closing price. If Columbus McKinnon Corporation takes out the full calculated possible swing range there will be an estimated 5.27% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $39.24, some $5.06 (14.80%) from the current price of $34.18, our system finds the risk reward not very attractive.
Is Columbus McKinnon Corporation stock A Buy?
Columbus McKinnon Corporation holds several negative signals and is within a wide and 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: -2.891 Open Broker Account
Sell Candidate UnchangedPredicted Opening Price for Columbus McKinnon Corporation of Monday, September 25, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price September 25, 2023 | Current price |
|---|---|
| $34.53 | $34.18 (Undervalued) |
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Trading levels for CMCO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.58 | 4.10 % | |
| R2 | 35.18 | 2.92 % | ||
| R1 | 34.93 | 2.20 % | ||
| Current price: | 34.18 | |||
| Support | S1 | 34.13 | -0.150 % | |
| S2 | 33.88 | -0.87 % | ||
| S3 | 33.48 | -2.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.13 | 20.33 % | |
| R2 | 40.28 | 17.85 % | ||
| R1 | 39.24 | 14.80 % | ||
| Current price | 34.18 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
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About Columbus McKinnon Corporation
Columbus McKinnon Corporation designs, manufactures, and markets intelligent motion solutions to ergonomically move, lift, position, and secure materials worldwide. The company offers electric, air-powered, lever, and hand hoists; hoist trolleys, explosion-protected and custom engineered hoists, and winches; crane systems, such as crane components and kits, enclosed track rail systems, mobile and jib cranes, and fall protection systems, as well a... CMCO Profile
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