CorVel Corp. Stock Forecast
CorVel Corp. stock downgraded to Sell Candidate
(Updated on Sep 22, 2023)
The CorVel Corp. stock price fell by -0.230% on the last day (Friday, 22nd Sep 2023) from $191.18 to $190.74. During the last trading day the stock fluctuated 2.47% from a day low at $190.41 to a day high of $195.11. The price has fallen in 6 of the last 10 days and is down by -6.09% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -88 shares and in total, 27 thousand shares were bought and sold for approximately $5.22 million.
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Given the current short-term trend, the stock is expected to rise 3.81% during the next 3 months and, with a 90% probability hold a price between $198.00 and $238.69 at the end of this 3-month period.
CRVL Signals & Forecast
There are few to no technical positive signals at the moment. The CorVel Corp. 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 $196.49 and $210.89. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, August 17, 2023, and so far it has fallen -15.82%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for CorVel Corp. stock
CorVel Corp. finds support from accumulated volume at $190.61 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 $4.70 between high and low, or 2.47%. For the last week, the stock has had daily average volatility of 2.68%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CRVL) For The Upcoming Trading Day Of Monday 25th
For the upcoming trading day on Monday, 25th we expect CorVel Corp. to open at $192.09, and during the day (based on 14 day Average True Range), to move between $185.03 and $196.45, which gives a possible trading interval of +/-$5.71 (+/-2.99%) up or down from last closing price. If CorVel Corp. takes out the full calculated possible swing range there will be an estimated 5.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $190.61 (0.07%) than the resistance at $199.49 (4.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CorVel Corp. stock A Buy?
The CorVel Corp. stock holds several negative signals and despite the positive trend, we believe CorVel Corp. will perform weakly in the next couple of days or weeks. Therefore, we 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: -2.811 Open Broker Account
Sell Candidate DowngradedPredicted Opening Price for CorVel Corp. of Monday, September 25, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price September 25, 2023 | Current price |
|---|---|
| $192.09 | $190.74 (Undervalued) |
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Trading levels for CRVL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 196.79 | 3.17 % | |
| R2 | 194.99 | 2.23 % | ||
| R1 | 193.88 | 1.65 % | ||
| Current price: | 190.74 | |||
| Support | S1 | 190.29 | -0.235 % | |
| S2 | 189.18 | -0.82 % | ||
| S3 | 187.39 | -1.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 208.31 | 9.21 % | |
| R2 | 200.24 | 4.98 % | ||
| R1 | 199.49 | 4.59 % | ||
| Current price | 190.74 | |||
| Support | S1 | 190.61 | -0.0682% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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About CorVel Corp.
CorVel Corporation provides workers' compensation, auto, liability, and health solutions for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and th... CRVL Profile
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