CULP INC Stock Forecast
CULP INC stock downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.
(Updated on May 01, 2024)
The CULP INC stock price fell by -0.658% on the last day (Wednesday, 1st May 2024) from $4.56 to $4.53. During the last trading day the stock fluctuated 2.90% from a day low at $4.49 to a day high of $4.62. The price has risen in 6 of the last 10 days and is up by 1.57% over the past 2 weeks. Volume has increased on the last day by 5 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 16 thousand shares were bought and sold for approximately $70.75 thousand.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $4.58 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -11.98% during the next 3 months and, with a 90% probability hold a price between $3.57 and $4.04 at the end of this 3-month period. 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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CULP Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 2.95%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The CULP INC stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $4.56 and $4.54. A break-up above any of these levels will issue buy signals. CULP 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". The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Thursday, April 11, 2024 and based on theory for this formation the price should go up by 13.56% to $5.14 within 18 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for CULP INC stock
CULP INC finds support from accumulated volume at $4.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.130 between high and low, or 2.90%. For the last week the stock has had daily average volatility of 3.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CULP) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect CULP INC to open at $4.55, and during the day (based on 14 day Average True Range), to move between $4.36 and $4.70, which gives a possible trading interval of +/-$0.166 (+/-3.67%) up or down from last closing price. If CULP INC takes out the full calculated possible swing range there will be an estimated 7.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.50 (0.66%) than the resistance at $5.00 (10.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CULP INC stock A Buy?
CULP INC holds several negative signals and is within a 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 Hold/Accumulate to a Sell candidate.
Current score: -2.756 Sell Candidate Downgraded
Predicted Opening Price for CULP INC of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $4.55 ( 0.368%) | $4.53 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CULP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.68 | 3.24 % | |
| R2 | 4.63 | 2.14 % | ||
| R1 | 4.60 | 1.46 % | ||
| Current price: | 4.53 | |||
| Support | S1 | 4.50 | -0.728 % | |
| S2 | 4.47 | -1.41 % | ||
| S3 | 4.42 | -2.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.04 | 11.26 % | |
| R2 | 5.03 | 11.04 % | ||
| R1 | 5.00 | 10.38 % | ||
| Current price | 4.53 | |||
| Support | S1 | 4.50 | -0.662% | |
| S2 | 4.48 | -1.10% | ||
| S3 | 4.43 | -2.21% |
CULP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 02, 2022 | Apr 08, 2022 | Apr 19, 2022 | $0.115 | 1.51% |
| 2 | Dec 01, 2021 | Jan 10, 2022 | Jan 19, 2022 | $0.115 | 1.28% |
| 3 | Sep 01, 2021 | Oct 07, 2021 | Oct 18, 2021 | $0.110 | 0.84% |
| 4 | Jun 16, 2021 | Jul 08, 2021 | Jul 16, 2021 | $0.110 | 0.701% |
| 5 | Mar 03, 2021 | Apr 08, 2021 | Apr 16, 2021 | $0.110 | 0.775% |
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