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Green day on Tuesday for Corrections Corporation of America
(Updated on May 17, 2022)
Sell candidate since 2022-05-09 Gain 1.72% PDF
The Corrections Corporation of America stock price gained 4.32% on the last trading day (Tuesday, 17th May 2022), rising from $11.33 to $11.82. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 4.69% from a day low at $11.29 to a day high of $11.82. The price has risen in 6 of the last 10 days, but is still down by -10.59% for this period. Volume fell on the last day by -273 thousand shares and in total, 889 thousand shares were bought and sold for approximately $10.51 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 39.55% during the next 3 months and, with a 90% probability hold a price between $14.83 and $21.17 at the end of this 3-month period.
Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Corrections Corporation of America 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 $11.98. On a fall, the stock will find some support from the short-term average at $11.00. 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. A sell signal was issued from a pivot top point on Wednesday, April 20, 2022, and so far it has fallen -14.41%. 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).
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $11.16 and $9.47. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Corrections Corporation of America finds support just below today's level at $11.16. If this is broken, then the next support from accumulated volume will be at $9.47 and $9.00.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.53 between high and low, or 4.69%. For the last week, the stock has had a daily average volatility of 5.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Wednesday 18th
For the upcoming trading day on Wednesday 18th we expect Corrections Corporation of America to open at $11.64, and during day (based on 14 day Average True Range), to move between $11.06 and $12.58, which gives a possible trading interval of +/-$0.76 (+/-6.41%) up or down from last closing price. If Corrections Corporation of America takes out the full calculated possible swing range there will be an estimated 12.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.99 (1.44%) than the support at $11.16 (5.58%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is Corrections Corporation of America stock A Buy?
The Corrections Corporation of America stock holds several negative signals and despite the positive trend, we believe Corrections Corporation of America will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.575Sell Candidate Unchanged
Predicted Opening Price for Corrections Corporation of America of Wednesday, May 18, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price May 18, 2022||Current price|
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