Convex Finance USD Stock Forecast
High volatility in Convex Finance USD stock price on Thursday which ended trading at $3.57
(Updated on Jun 20, 2024)
The Convex Finance USD stock price fell by -12.26% on the last day (Thursday, 20th Jun 2024) from $4.07 to $3.57. During the last trading day the stock fluctuated 14.12% from a day low at $3.44 to a day high of $3.92. The price has risen in 6 of the last 10 days and is up by 51.06% over the past 2 weeks. 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 -66 million shares and in total, 64 million shares were bought and sold for approximately $228.20 million.
The stock lies in the middle of a very 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 -23.82% during the next 3 months and, with a 90% probability hold a price between $1.41 and $3.09 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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CVXUSD Signals & Forecast
The Convex Finance USD 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 $3.14 and $2.71. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 19, 2024, and so far it has fallen -12.26%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Convex Finance USD stock
Convex Finance USD finds support from accumulated volume at $3.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.485 between high and low, or 14.12%. For the last week, the stock has had daily average volatility of 43.68%.
Our recommended stop-loss: $3.37 (-5.76%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (CVXUSD) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Convex Finance USD to open at $3.64, and during the day (based on 14 day Average True Range), to move between $3.04 and $4.10, which gives a possible trading interval of +/-$0.532 (+/-14.90%) up or down from last closing price. If Convex Finance USD takes out the full calculated possible swing range there will be an estimated 29.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.49 (2.35%) than the resistance at $3.85 (7.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Convex Finance USD 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.305 Buy Candidate Downgraded
Predicted Opening Price for Convex Finance USD of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $3.64 ( 1.99%) | $3.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.13 | 15.57% |
| R2 | 3.94 | 10.38% |
| R1 | 3.83 | 7.18% |
| Price | 3.57 | |
| S1 | 3.46 | -3.20% |
| S2 | 3.34 | -6.41% |
| S3 | 3.16 | -11.59% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.07 | 13.97% |
| R2 | 4.00 | 12.13% |
| R1 | 3.85 | 7.70% |
| Price | 3.57 | |
| S1 | 3.49 | -2.35% |
| S2 | 2.88 | -19.43% |
| S3 | 2.86 | -19.94% |
FAQ
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