Conn Stock Forecast
Conn stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)
The Conn stock price fell by -3.74% on the last day (Friday, 3rd May 2024) from $3.48 to $3.35. During the last trading day the stock fluctuated 7.75% from a day low at $3.29 to a day high of $3.55. The price has been going up and down for this period, and there has been a -10.43% loss for the last 2 weeks. Volume has increased on the last day by 10 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 38 thousand shares were bought and sold for approximately $126.56 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -24.70% during the next 3 months and, with a 90% probability hold a price between $1.76 and $2.98 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CONN Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 10.56%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Conn 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 $3.55 and $3.48. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Conn 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".
Support, Risk & Stop-loss for Conn stock
Conn finds support from accumulated volume at $3.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.255 between high and low, or 7.75%. For the last week, the stock has had daily average volatility of 5.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CONN) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Conn to open at $3.40, and during the day (based on 14 day Average True Range), to move between $3.10 and $3.60, which gives a possible trading interval of +/-$0.249 (+/-7.43%) up or down from last closing price. If Conn takes out the full calculated possible swing range there will be an estimated 14.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.34 (0.30%) than the resistance at $3.52 (5.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Conn stock A Buy?
Conn holds several negative signals and is within a very wide and 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. 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 Sell candidate.
Current score: -2.011 Sell Candidate Downgraded
Predicted Opening Price for Conn of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $3.40 ( 1.34%) | $3.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CONN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.65 | 8.96 % | |
| R2 | 3.55 | 6.05 % | ||
| R1 | 3.49 | 4.25 % | ||
| Current price: | 3.35 | |||
| Support | S1 | 3.30 | -1.56 % | |
| S2 | 3.24 | -3.36 % | ||
| S3 | 3.14 | -6.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.03 | 20.30 % | |
| R2 | 3.70 | 10.45 % | ||
| R1 | 3.52 | 5.07 % | ||
| Current price | 3.35 | |||
| Support | S1 | 3.34 | -0.299% | |
| S2 | 3.26 | -2.69% | ||
| S3 | 3.20 | -4.48% |
FAQ
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