Cheetah Net Supply Chain Service Inc. Stock Forecast
Cheetah Net Supply Chain Service Inc. stock downgraded from Sell Candidate to Strong Sell Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Cheetah Net Supply Chain Service Inc. stock price fell by -1.66% on the last day (Tuesday, 25th Jun 2024) from $0.470 to $0.463. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.95% from a day low at $0.463 to a day high of $0.490. The price has fallen in 9 of the last 10 days and is down by -18.87% 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 -162 thousand shares and in total, 1 million shares were bought and sold for approximately $480.82 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.414 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.57% during the next 3 months and, with a 90% probability hold a price between $0.391 and $13.63 at the end of this 3-month period.
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CTNT Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cheetah Net Supply Chain Service 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 $0.490 and $2.04. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -96.87%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Cheetah Net Supply Chain Service Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0275 between high and low, or 5.95%. For the last week the stock has had daily average volatility of 10.32%.
Cheetah Net Supply Chain Service Inc. is oversold on RSI14 (9). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CTNT) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Cheetah Net Supply Chain Service Inc. to open at $0.472, and during the day (based on 14 day Average True Range), to move between -$0.100 and $1.03, which gives a possible trading interval of +/-$0.563 (+/-121.72%) up or down from last closing price. If Cheetah Net Supply Chain Service Inc. takes out the full calculated possible swing range there will be an estimated 243.44% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.510, some $0.0475 (10.27%) from the current price of $0.463, our system finds the risk reward not very attractive.
Is Cheetah Net Supply Chain Service Inc. stock A Buy?
Cheetah Net Supply Chain Service Inc. holds several negative signals and is within a very wide and falling trend, so we believe 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 Sell to a Strong Sell candidate.
Current score: -5.333 Strong Sell Candidate Downgraded
Predicted Opening Price for Cheetah Net Supply Chain Service Inc. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.472 ( 1.98%) | $0.463 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CTNT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.499 | 7.93% |
| R2 | 0.489 | 5.66% |
| R1 | 0.482 | 4.25% |
| Price | 0.463 | |
| S1 | 0.461 | -0.289% |
| S2 | 0.455 | -1.69% |
| S3 | 0.444 | -3.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.540 | 16.76% |
| R2 | 0.513 | 10.81% |
| R1 | 0.510 | 10.27% |
| Price | 0.463 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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