Canna-global Acquisition Corp Stock Forecast

Big movements in Canna-global Acquisition Corp stock price on Monday moving 26.46% between high and low
(Updated on Jun 17, 2024)

CNGLW Signals & Forecast

There are mixed signals in the stock today. The Canna-global Acquisition Corp stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.0193. On a fall, the stock will find some support from the short-term average at $0.0183. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, June 14, 2024, and so far it has fallen -22.86%. Further fall is indicated until a new bottom pivot has been found. Canna-global Acquisition Corp 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Canna-global Acquisition Corp stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0160 and $0.0150. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0150 may give a huge drop in the stock price.

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 $0.0050 between high and low, or 26.46%. For the last week, the stock has had daily average volatility of 59.36%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CNGLW) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Canna-global Acquisition Corp to open at $0.0206, and during the day (based on 14 day Average True Range), to move between $0.0123 and $0.0255, which gives a possible trading interval of +/-$0.0066 (+/-35.05%) 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 70.11% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0200 (5.82%) than the support at $0.0160 (15.34%), 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 negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Hold/Accumulate to a Strong Sell candidate.

Current score: -5.940 Strong Sell Candidate Downgraded

Predicted Opening Price for Canna-global Acquisition Corp of Tuesday, June 18, 2024

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