Covenant Logistics Group Inc. Stock Forecast

Covenant Logistics Group Inc. stock price down 0.481% on Tuesday
(Updated on May 07, 2024)

CVLG Signals & Forecast

The Covenant Logistics Group Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $45.41 and $45.23. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 4.98%. 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. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. 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.

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 $0.385 between high and low, or 0.85%. For the last week the stock has had daily average volatility of 1.45%.

Our recommended stop-loss: $44.09 (-3.17%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 35 days ago.)

Trading Expectations (CVLG) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect Covenant Logistics Group Inc. to open at $45.64, and during the day (based on 14 day Average True Range), to move between $44.55 and $46.51, which gives a possible trading interval of +/-$0.98 (+/-2.14%) 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 4.29% 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 (1.80%) than the resistance at $47.67 (4.70%), 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?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 2.869 Buy Candidate Unchanged

Predicted Opening Price for Covenant Logistics Group Inc. of Wednesday, May 8, 2024

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