Cochlear Limited Stock Forecast
Red day on Wednesday for Cochlear Limited stock after losing 0.684%
(Updated on Jul 03, 2024)
The Cochlear Limited stock price fell by -0.684% on the last day (Wednesday, 3rd Jul 2024) from $317.27 to $315.10. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.19% from a day low at $314.96 to a day high of $318.70. The price has fallen in 7 of the last 10 days and is down by -4.73% for this period. 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 -25 thousand shares and in total, 148 thousand shares were bought and sold for approximately $46.49 million.
The stock has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $315.59 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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COH.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Cochlear Limited 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 $324.61 and $324.59. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 25, 2024, and so far it has fallen -5.24%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A buy signal from a double bottom formation was found on Thursday, June 20, 2024 and based on theory for this formation the price should go up by 2.73% to $323.70 within 15 trading days (Thursday, July 11, 2024) since signal was issued.
Support, Risk & Stop-loss for Cochlear Limited stock
Cochlear Limited finds support from accumulated volume at $315.01 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.75 between high and low, or 1.19%. For the last week the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (COH.AX) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Cochlear Limited to open at $316.25, and during the day (based on 14 day Average True Range), to move between $307.64 and $322.56, which gives a possible trading interval of +/-$7.46 (+/-2.37%) up or down from last closing price. If Cochlear Limited takes out the full calculated possible swing range there will be an estimated 4.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $315.01 (0.03%) than the resistance at $322.56 (2.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cochlear Limited stock A Buy?
Cochlear Limited holds several negative signals and is within a 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: -2.682 Sell Candidate Unchanged
Predicted Opening Price for Cochlear Limited of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| $316.25 ( 0.365%) | $315.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COH.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 320.00 | 1.55% |
| R2 | 318.57 | 1.10% |
| R1 | 317.68 | 0.82% |
| Price | 315.10 | |
| S1 | 314.82 | -0.0885% |
| S2 | 313.94 | -0.369% |
| S3 | 312.51 | -0.82% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 332.51 | 5.53% |
| R2 | 325.10 | 3.17% |
| R1 | 322.56 | 2.37% |
| Price | 315.10 | |
| S1 | 315.01 | -0.0286% |
| S2 | 314.77 | -0.105% |
| S3 | 314.55 | -0.175% |
COH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Apr 15, 2024 | $2.00 | 0.628% |
| 2 | Sep 18, 2023 | Sep 18, 2023 | Oct 11, 2023 | $1.75 | 0.675% |
| 3 | Mar 21, 2023 | Mar 21, 2023 | Mar 21, 2023 | $1.55 | 0.684% |
| 4 | Sep 21, 2022 | Sep 21, 2022 | Sep 21, 2022 | $1.45 | 0.715% |
| 5 | Mar 28, 2022 | Mar 28, 2022 | Mar 28, 2022 | $1.55 | 0.718% |
FAQ
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