Cannonau Corp. Stock Forecast

Cannonau Corp. stock price took a fall of -15.38% on Monday
(Updated on May 20, 2024)

CNNC Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 5.77%. 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 Cannonau Corp. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.0121 and $0.0114. A break-up above any of these levels will issue buy signals. Cannonau 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.

Support, Risk & Stop-loss for Cannonau Corp. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0104 and $0.0103. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cannonau Corp. finds support just below today's level at $0.0104. If this is broken, then the next support from accumulated volume will be at $0.0103 and $0.0100.

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 between high and low, or 0%. For the last week, the stock has had daily average volatility of 5.00%.

Our recommended stop-loss: $0.0106 (-3.36%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (CNNC) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Cannonau Corp. to open at $0.0110, and during the day (based on 14 day Average True Range), to move between $0.0093 and $0.0127, which gives a possible trading interval of +/-$0.0017 (+/-15.16%) up or down from last closing price. If Cannonau Corp. takes out the full calculated possible swing range there will be an estimated 30.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0104 (5.45%) than the resistance at $0.0118 (7.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Cannonau Corp. stock A Buy?

Cannonau Corp. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Cannonau Corp. of Tuesday, May 21, 2024

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