Canna-global Acquisition Corp Stock Forecast

Canna-global Acquisition Corp stock price down 0.354% on Thursday
(Updated on Jun 20, 2024)

CNGL Signals & Forecast

The Canna-global Acquisition Corp stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $11.33. On a fall, the stock will find some support from the long-term average at approximately $11.22. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -0.97%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Thursday, April 25, 2024 in the short-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 Canna-global Acquisition Corp stock

Canna-global Acquisition Corp finds support from accumulated volume at $11.17 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.0600 between high and low, or 0.532%. For the last week the stock has had daily average volatility of 0.230%

Our recommended stop-loss: $10.78 (-4.39%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (CNGL) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect Canna-global Acquisition Corp to open at $11.29, and during the day (based on 14 day Average True Range), to move between $11.24 and $11.30, which gives a possible trading interval of +/-$0.0338 (+/-0.30%) up or down from last closing price. If Canna-global Acquisition Corp takes out the full calculated possible swing range there will be an estimated 0.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $11.30 (0.27%) than the support at $11.17 (0.89%), 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.

Is Canna-global Acquisition Corp stock A Buy?

Canna-global Acquisition Corp 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: 0.279 Hold/Accumulate Unchanged

Predicted Opening Price for Canna-global Acquisition Corp of Friday, June 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.