CoStar Group Stock Forecast
CoStar Group stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on May 02, 2024)
The CoStar Group stock price fell by -0.664% on the last day (Thursday, 2nd May 2024) from $90.36 to $89.76. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.97% from a day low at $88.87 to a day high of $90.62. The price has fallen in 6 of the last 10 days but is still up by 6.63% over the past 2 weeks. 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 -66 thousand shares and in total, 2 million shares were bought and sold for approximately $164.53 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.73% during the next 3 months and, with a 90% probability hold a price between $94.00 and $111.96 at the end of this 3-month period.
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CSGP Signals & Forecast
There are mixed signals in the stock today. The CoStar Group 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 $91.30 and $91.86. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 6.63%. 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).
Support, Risk & Stop-loss for CoStar Group stock
On the downside, the stock finds support just below today's level from accumulated volume at $83.98 and $83.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, CoStar Group finds support just below today's level at $83.98. If this is broken, then the next support from accumulated volume will be at $83.13 and $82.47.
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 $1.75 between high and low, or 1.97%. For the last week, the stock has had daily average volatility of 2.50%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CSGP) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect CoStar Group to open at $89.75, and during the day (based on 14 day Average True Range), to move between $86.92 and $92.60, which gives a possible trading interval of +/-$2.84 (+/-3.16%) up or down from last closing price. If CoStar Group takes out the full calculated possible swing range there will be an estimated 6.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $91.95 (2.44%) than the support at $83.98 (6.44%), 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 CoStar Group stock A Buy?
CoStar Group 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. 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 Sell candidate.
Current score: -1.063 Sell Candidate Downgraded
Predicted Opening Price for CoStar Group of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $89.75 ( 0.0111%) | $89.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CSGP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 91.50 | 1.94 % | |
| R2 | 90.83 | 1.19 % | ||
| R1 | 90.42 | 0.734 % | ||
| Current price: | 89.76 | |||
| Support | S1 | 89.08 | -0.756 % | |
| S2 | 88.67 | -1.22 % | ||
| S3 | 88.00 | -1.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.15 | 7.12 % | |
| R2 | 95.18 | 6.04 % | ||
| R1 | 91.95 | 2.44 % | ||
| Current price | 89.76 | |||
| Support | S1 | 83.98 | -6.44% | |
| S2 | 83.13 | -7.39% | ||
| S3 | 82.47 | -8.12% |
FAQ
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