Covestro AG Stock Forecast
Evaluation of Covestro AG stock downgraded after the last trading session.
(Updated on May 03, 2024)
The Covestro AG stock price gained 0.790% on the last trading day (Friday, 3rd May 2024), rising from $25.32 to $25.52. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.372% from a day low at $25.51 to a day high of $25.60. The price has risen in 6 of the last 10 days but is still down by -1.12% for this period. Volume fell on the last day by -11 thousand shares and in total, 14 thousand shares were bought and sold for approximately $350.87 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $25.10 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Covestro AG stock with a 90% probability to be traded between $25.08 and $28.47 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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COVTY Signals & Forecast
There are mixed signals in the stock today. The Covestro AG 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 $26.69. On a fall, the stock will find some support from the short-term average at $25.42. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 1.67%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Covestro AG stock
Covestro AG finds support from accumulated volume at $25.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0950 between high and low, or 0.372%. For the last week the stock has had daily average volatility of 2.34%.
Our recommended stop-loss: $24.16 (-5.31%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (COVTY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Covestro AG to open at $25.54, and during the day (based on 14 day Average True Range), to move between $24.98 and $26.06, which gives a possible trading interval of +/-$0.538 (+/-2.11%) up or down from last closing price. If Covestro AG takes out the full calculated possible swing range there will be an estimated 4.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $25.47 (0.19%) than the resistance at $26.42 (3.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Covestro AG stock A Buy?
Covestro AG holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.285 Hold/Accumulate Downgraded
Predicted Opening Price for Covestro AG of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $25.54 ( 0.0849%) | $25.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COVTY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.64 | 0.457 % | |
| R2 | 25.60 | 0.315 % | ||
| R1 | 25.58 | 0.227 % | ||
| Current price: | 25.52 | |||
| Support | S1 | 25.51 | -0.0573 % | |
| S2 | 25.48 | -0.145 % | ||
| S3 | 25.45 | -0.287 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.11 | 6.23 % | |
| R2 | 26.87 | 5.29 % | ||
| R1 | 26.42 | 3.53 % | ||
| Current price | 25.52 | |||
| Support | S1 | 25.47 | -0.186% | |
| S2 | 25.42 | -0.392% | ||
| S3 | 25.32 | -0.784% |
COVTY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 19, 2022 | Apr 22, 2022 | May 06, 2022 | $1.82 | 8.97% |
| 2 | Apr 15, 2021 | Apr 19, 2021 | May 03, 2021 | $0.765 | 2.45% |
| 3 | Jul 31, 2020 | Jul 31, 2020 | Jul 31, 2020 | $0.684 | 3.89% |
| 4 | Apr 18, 2018 | Apr 18, 2018 | Apr 18, 2018 | $1.36 | 3.14% |
| 5 | May 03, 2017 | May 03, 2017 | May 03, 2017 | $0.722 | 2.28% |
FAQ
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