Chesapeake Utilities Corporation Stock Forecast

Stronger technical forecast for Chesapeake Utilities Corporation stock price after Thursday trading.
(Updated on Apr 18, 2024)

CPK Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.86%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Chesapeake Utilities Corporation 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 $103.62. On a fall, the stock will find some support from the short-term average at $101.02. 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).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, April 16, 2024 and based on theory for this formation the price should go up by 7.31% to $110.01 within 36 trading days since signal was issued (Friday, April 19, 2024).

Support, Risk & Stop-loss for Chesapeake Utilities Corporation stock

Chesapeake Utilities Corporation finds support from accumulated volume at $102.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.63 (1.61%) between high and low. For the last week, the stock has had daily average volatility of 1.61%.

Our recommended stop-loss: $97.11 (-5.27%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (CPK) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Chesapeake Utilities Corporation to open at $102.00, and during the day (based on 14 day Average True Range), to move between $100.42 and $104.60, which gives a possible trading interval of +/-$2.09 (+/-2.04%) up or down from last closing price. If Chesapeake Utilities Corporation takes out the full calculated possible swing range there will be an estimated 4.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $102.03 (0.47%) than the resistance at $103.01 (0.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Chesapeake Utilities Corporation stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Chesapeake Utilities Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.124 Buy Candidate Upgraded

Predicted Opening Price for Chesapeake Utilities Corporation of Friday, April 19, 2024

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