Castor Maritime Inc. Stock Forecast

Big movements in Castor Maritime Inc. stock price on Monday moving 18.98% between high and low
(Updated on Apr 22, 2024)

CTRM Signals & Forecast

The Castor Maritime Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.50. On a fall, the stock will find some support from the long-term average at approximately $2.04. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Wednesday, April 03, 2024, and so far it has fallen -12.70%. 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). Castor Maritime Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Castor Maritime 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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.575 between high and low, or 18.98%. For the last week, the stock has had daily average volatility of 8.68%.

Our recommended stop-loss: $3.13 (-5.08%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (CTRM) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Castor Maritime Inc. to open at $3.31, and during the day (based on 14 day Average True Range), to move between $3.07 and $3.53, which gives a possible trading interval of +/-$0.232 (+/-7.03%) up or down from last closing price. If Castor Maritime Inc. takes out the full calculated possible swing range there will be an estimated 14.06% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $3.44, some $0.140 (4.24%) from the current price of $3.30, our system finds the risk reward not very attractive.

Is Castor Maritime Inc. stock A Buy?

Castor Maritime Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.

Current score: 0.248 Hold/Accumulate Downgraded

Predicted Opening Price for Castor Maritime Inc. of Tuesday, April 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.