Cresco Labs Inc. Stock Forecast
Green day on Wednesday for Cresco Labs Inc.
(Updated on Apr 24, 2024)
The Cresco Labs Inc. stock price gained 2.49% on the last trading day (Wednesday, 24th Apr 2024), rising from $2.01 to $2.06. During the last trading day the stock fluctuated 5.61% from a day low at $1.96 to a day high of $2.07. The price has fallen in 5 of the last 10 days and is down by -5.07% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 105 thousand more shares were traded than the day before. In total, 332 thousand shares were bought and sold for approximately $683.06 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Cresco Labs Inc. stock with a 90% probability to be traded between $1.57 and $2.65 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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CRLBF Signals & Forecast
The Cresco Labs 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 $2.06 and $2.01. A breakdown below any of these levels will issue sell signals. Cresco Labs Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Monday, April 08, 2024, and so far it has fallen -10.43%. 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).
Support, Risk & Stop-loss for Cresco Labs Inc. stock
Cresco Labs Inc. finds support from accumulated volume at $2.05 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.110 between high and low, or 5.61%. For the last week, the stock has had daily average volatility of 6.93%.
Our recommended stop-loss: $1.94 (-5.67%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (CRLBF) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Cresco Labs Inc. to open at $2.03, and during the day (based on 14 day Average True Range), to move between $1.88 and $2.24, which gives a possible trading interval of +/-$0.177 (+/-8.60%) up or down from last closing price. If Cresco Labs Inc. takes out the full calculated possible swing range there will be an estimated 17.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.07 (0.49%) than the support at $2.05 (0.49%), 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 Cresco Labs Inc. stock A Buy?
Cresco Labs Inc. 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.
Current score: 0.744 Hold/Accumulate Unchanged
Predicted Opening Price for Cresco Labs Inc. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2.03 ( 1.46%) | $2.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRLBF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.14 | 3.88 % | |
| R2 | 2.10 | 1.84 % | ||
| R1 | 2.07 | 0.583 % | ||
| Current price: | 2.06 | |||
| Support | S1 | 1.99 | -3.50 % | |
| S2 | 1.96 | -4.76 % | ||
| S3 | 1.92 | -6.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.57 | 24.76 % | |
| R2 | 2.24 | 8.74 % | ||
| R1 | 2.07 | 0.485 % | ||
| Current price | 2.06 | |||
| Support | S1 | 2.05 | -0.485% | |
| S2 | 2.00 | -2.91% | ||
| S3 | 1.74 | -15.53% |
FAQ
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