CN Energy Group. Inc. Stock Forecast
Volatile ride for CN Energy Group. Inc. stock price on Wednesday moving between $0.726 and $0.81
(Updated on May 08, 2024)
The CN Energy Group. Inc. stock price fell by -6.06% on the last day (Wednesday, 8th May 2024) from $0.788 to $0.740. During the last trading day the stock fluctuated 10.91% from a day low at $0.726 to a day high of $0.81. The price has fallen in 6 of the last 10 days and is down by -5.29% for this period. Volume has increased on the last day by 2 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, 17 thousand shares were bought and sold for approximately $12.33 thousand.
The stock lies in the middle of a very 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 -43.90% during the next 3 months and, with a 90% probability hold a price between $0.285 and $0.551 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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CNEY Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.23%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The CN Energy Group. Inc. 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 $0.780 and $0.94. A break-up above any of these levels will issue buy signals. CN Energy Group. 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for CN Energy Group. Inc. stock
CN Energy Group. Inc. finds support from accumulated volume at $0.735 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0792 between high and low, or 10.91%. For the last week, the stock has had daily average volatility of 11.97%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNEY) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect CN Energy Group. Inc. to open at $0.757, and during the day (based on 14 day Average True Range), to move between $0.638 and $0.84, which gives a possible trading interval of +/-$0.102 (+/-13.74%) up or down from last closing price. If CN Energy Group. Inc. takes out the full calculated possible swing range there will be an estimated 27.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.735 (0.68%) than the resistance at $0.750 (1.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CN Energy Group. Inc. stock A Buy?
CN Energy Group. Inc. holds several negative signals and is within a very 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: -3.847 Sell Candidate Unchanged
Predicted Opening Price for CN Energy Group. Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.757 ( 2.30%) | $0.740 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNEY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.84 | 13.00 % | |
| R2 | 0.81 | 8.91 % | ||
| R1 | 0.787 | 6.39 % | ||
| Current price: | 0.740 | |||
| Support | S1 | 0.727 | -1.79 % | |
| S2 | 0.708 | -4.32 % | ||
| S3 | 0.678 | -8.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.87 | 17.97 % | |
| R2 | 0.781 | 5.58 % | ||
| R1 | 0.750 | 1.35 % | ||
| Current price | 0.740 | |||
| Support | S1 | 0.735 | -0.676% | |
| S2 | 0.720 | -2.70% | ||
| S3 | 0.710 | -4.05% |
FAQ
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