Covenant Logistics Group Inc. Stock Forecast
Covenant Logistics Group Inc. stock downgraded to Sell Candidate
(Updated on Apr 26, 2024)
The Covenant Logistics Group Inc. stock price gained 0.425% on the last trading day (Friday, 26th Apr 2024), rising from $44.71 to $44.90. During the last trading day the stock fluctuated 2.30% from a day low at $44.42 to a day high of $45.44. The price has fallen in 6 of the last 10 days and is down by -1.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 thousand more shares were traded than the day before. In total, 115 thousand shares were bought and sold for approximately $5.18 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -14.86% during the next 3 months and, with a 90% probability hold a price between $33.70 and $40.87 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CVLG Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.34%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Covenant Logistics Group Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $45.11. On a fall, the stock will find some support from the short-term average at $44.29. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, January 09, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Tuesday, January 09, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Covenant Logistics Group Inc. stock
Covenant Logistics Group Inc. finds support from accumulated volume at $44.71 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.02 (2.30%) between high and low. For the last week, the stock has had daily average volatility of 2.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CVLG) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Covenant Logistics Group Inc. to open at $44.92, and during the day (based on 14 day Average True Range), to move between $43.72 and $46.08, which gives a possible trading interval of +/-$1.18 (+/-2.62%) up or down from last closing price. If Covenant Logistics Group Inc. takes out the full calculated possible swing range there will be an estimated 5.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $44.71 (0.42%) than the resistance at $47.67 (6.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Covenant Logistics Group Inc. stock A Buy?
Covenant Logistics Group Inc. 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 Hold/Accumulate to a Sell candidate.
Current score: -1.596 Sell Candidate Downgraded
Predicted Opening Price for Covenant Logistics Group Inc. of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$44.92 ( 0.0445%) | $44.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVLG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 45.94 | 2.32 % | |
R2 | 45.55 | 1.45 % | ||
R1 | 45.31 | 0.91 % | ||
Current price: | 44.90 | |||
Support | S1 | 44.53 | -0.82 % | |
S2 | 44.29 | -1.36 % | ||
S3 | 43.90 | -2.23 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 51.71 | 15.17 % | |
R2 | 48.68 | 8.42 % | ||
R1 | 47.67 | 6.17 % | ||
Current price | 44.90 | |||
Support | S1 | 44.71 | -0.423% | |
S2 | 43.95 | -2.12% | ||
S3 | 43.69 | -2.69% |
CVLG Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 15, 2024 | Feb 29, 2024 | Mar 29, 2024 | $0.110 | 0.237% |
2 | Nov 16, 2023 | Nov 30, 2023 | Dec 29, 2023 | $0.110 | 0.239% |
3 | Aug 21, 2023 | Aug 31, 2023 | Sep 29, 2023 | $0.110 | 0.251% |
4 | May 22, 2023 | Jun 01, 2023 | Jun 30, 2023 | $0.110 | 0.251% |
5 | Feb 16, 2023 | Mar 02, 2023 | Mar 31, 2023 | $0.110 | 0.311% |
FAQ
Click here for our free guide on how to buy Covenant Logistics Group Inc. Stock.