Canopy Rivers Inc. Stock Forecast
Volatile ride for Canopy Rivers Inc. stock price on Friday moving between $0.120 and $0.140
(Updated on May 31, 2024)
The Canopy Rivers Inc. stock price fell by -2.01% on the last day (Friday, 31st May 2024) from $0.130 to $0.127. During the last trading day the stock fluctuated 16.25% from a day low at $0.120 to a day high of $0.140. The price has been going up and down for this period, and there has been a 27.77% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 million shares and in total, 778 thousand shares were bought and sold for approximately $98.75 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.130 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 31.08% during the next 3 months and, with a 90% probability hold a price between $0.113 and $0.171 at the end of this 3-month period.
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CNPOF Signals & Forecast
The Canopy Rivers Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.105 and $0.0895. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 30, 2024, and so far it has fallen -2.01%. 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 very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Canopy Rivers Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.100 and $0.0990. 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, Canopy Rivers Inc. finds support just below today's level at $0.100. If this is broken, then the next support from accumulated volume will be at $0.0990 and $0.0970.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0195 between high and low, or 16.25%. For the last week the stock has had daily average volatility of 17.67%.
The Canopy Rivers Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.121 (-4.46%) (This stock has high daily movements and this gives high risk. The RSI14 is 71 and this increases the risk substantially. There is a sell signal from a pivot top found 42 days ago.)
Trading Expectations (CNPOF) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Canopy Rivers Inc. to open at $0.129, and during the day (based on 14 day Average True Range), to move between $0.113 and $0.141, which gives a possible trading interval of +/-$0.0137 (+/-10.82%) up or down from last closing price. If Canopy Rivers Inc. takes out the full calculated possible swing range there will be an estimated 21.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.130 (2.05%) than the support at $0.100 (21.26%), 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 Canopy Rivers Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Canopy Rivers Inc. stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.402 Buy Candidate Downgraded
Predicted Opening Price for Canopy Rivers Inc. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.129 ( 1.44%) | $0.127 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNPOF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.148 | 16.80 % | |
| R2 | 0.141 | 10.93 % | ||
| R1 | 0.136 | 7.31 % | ||
| Current price: | 0.127 | |||
| Support | S1 | 0.121 | -4.42 % | |
| S2 | 0.117 | -8.05 % | ||
| S3 | 0.109 | -13.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.130 | 2.05 % | ||
| Current price | 0.127 | |||
| Support | S1 | 0.100 | -21.26% | |
| S2 | 0.0990 | -22.05% | ||
| S3 | 0.0970 | -23.62% |
FAQ
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