Cerence Inc. Stock Forecast
Cerence Inc. stock upgraded from Strong Sell Candidate to Sell Candidate after Thursday trading session.
(Updated on Jun 20, 2024)
The Cerence Inc. stock price gained 3.78% on the last trading day (Thursday, 20th Jun 2024), rising from $2.91 to $3.02. During the last trading day the stock fluctuated 9.06% from a day low at $2.87 to a day high of $3.13. The price has fallen in 7 of the last 10 days and is down by -2.58% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 357 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $4.52 million.
Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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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CRNC Signals & Forecast
There are mixed signals in the stock today. The Cerence Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $3.04 and $4.78. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 3.78%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Cerence Inc. stock
Cerence Inc. finds support from accumulated volume at $3.01 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 $0.260 between high and low, or 9.06%. For the last week, the stock has had daily average volatility of 6.91%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CRNC) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Cerence Inc. to open at $3.01, and during the day (based on 14 day Average True Range), to move between $2.61 and $3.43, which gives a possible trading interval of +/-$0.409 (+/-13.53%) up or down from last closing price. If Cerence Inc. takes out the full calculated possible swing range there will be an estimated 27.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.01 (0.33%) than the resistance at $3.04 (0.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cerence Inc. stock A Buy?
Cerence Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.385 Sell Candidate Upgraded
Predicted Opening Price for Cerence Inc. of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $3.01 ( 0.442%) | $3.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRNC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.27 | 8.17% |
| R2 | 3.17 | 4.88% |
| R1 | 3.11 | 2.85% |
| Price | 3.02 | |
| S1 | 2.91 | -3.73% |
| S2 | 2.85 | -5.76% |
| S3 | 2.75 | -9.05% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.30 | 9.27% |
| R2 | 3.21 | 6.29% |
| R1 | 3.04 | 0.662% |
| Price | 3.02 | |
| S1 | 3.01 | -0.331% |
| S2 | 3.00 | -0.662% |
| S3 | 2.91 | -3.64% |
FAQ
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