Centene Corporation Stock Forecast
Centene Corporation stock price ended at $75.83 on Tuesday, after gaining 0.331%.
(Updated on Apr 23, 2024)
The Centene Corporation stock price gained 0.331% on the last trading day (Tuesday, 23rd Apr 2024), rising from $75.58 to $75.83. It has now gained 4 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 1.26% from a day low at $75.49 to a day high of $76.44. The price has been going up and down for this period, and there has been a 4.29% gain for the last 2 weeks. Volume fell on the last day by -831 thousand shares and in total, 2 million shares were bought and sold for approximately $116.56 million. 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 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 -3.60% during the next 3 months and, with a 90% probability hold a price between $67.86 and $75.73 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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CNC Signals & Forecast
The Centene Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $73.90 and $75.45. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 7.21%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. The stock had a Golden Star Signal on Tuesday, July 18, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Tuesday, July 18, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Centene Corporation stock
Centene Corporation finds support from accumulated volume at $74.92 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 $0.95 between high and low, or 1.26%. For the last week, the stock has had daily average volatility of 1.88%.
Our recommended stop-loss: $73.28 (-3.37%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (CNC) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Centene Corporation to open at $75.92, and during the day (based on 14 day Average True Range), to move between $74.04 and $77.62, which gives a possible trading interval of +/-$1.79 (+/-2.36%) up or down from last closing price. If Centene Corporation takes out the full calculated possible swing range there will be an estimated 4.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $74.92 (1.20%) than the resistance at $78.14 (3.05%), 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
Centene Corporation will release earnings BMO on Friday, April 26, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.09. We will update the financials statements for Centene Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.72% in the first trading day after earnings release.
Is Centene Corporation stock A Buy?
Centene Corporation 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: 0.208 Hold/Accumulate Unchanged
Predicted Opening Price for Centene Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $75.92 ( 0.119%) | $75.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 76.87 | 1.37 % | |
| R2 | 76.51 | 0.89 % | ||
| R1 | 76.28 | 0.597 % | ||
| Current price: | 75.83 | |||
| Support | S1 | 75.56 | -0.360 % | |
| S2 | 75.33 | -0.656 % | ||
| S3 | 74.97 | -1.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 78.70 | 3.78 % | |
| R2 | 78.43 | 3.43 % | ||
| R1 | 78.14 | 3.05 % | ||
| Current price | 75.83 | |||
| Support | S1 | 74.92 | -1.20% | |
| S2 | 73.55 | -3.01% | ||
| S3 | 72.45 | -4.46% |
FAQ
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