Corrections Corporation of America Stock Forecast
Red day on Thursday for Corrections Corporation of America
(Updated on Apr 18, 2024)
The Corrections Corporation of America stock price fell by -1.14% on the last day (Thursday, 18th Apr 2024) from $14.87 to $14.70. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 3.31% from a day low at $14.49 to a day high of $14.97. The price has fallen in 7 of the last 10 days and is down by -4.3% for this period. Volume has increased on the last day by 230 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, 619 thousand shares were bought and sold for approximately $9.10 million.
Given the current short-term trend, the stock is expected to rise 8.79% during the next 3 months and, with a 90% probability hold a price between $15.99 and $17.97 at the end of this 3-month period.
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CXW Signals & Forecast
There are few to no technical positive signals at the moment. The Corrections Corporation of America 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 $15.24 and $15.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -8.75%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Corrections Corporation of America stock
Corrections Corporation of America finds support from accumulated volume at $14.69 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 $0.480 (3.31%) between high and low. For the last week, the stock has had daily average volatility of 2.72%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CXW) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Corrections Corporation of America to open at $14.72, and during the day (based on 14 day Average True Range), to move between $14.25 and $15.15, which gives a possible trading interval of +/-$0.448 (+/-3.05%) 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 6.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.69 (0.07%) than the resistance at $14.84 (0.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: -4.006 Sell Candidate Unchanged
Predicted Opening Price for Corrections Corporation of America of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $14.72 ( 0.136%) | $14.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CXW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.20 | 3.40 % | |
| R2 | 15.02 | 2.15 % | ||
| R1 | 14.90 | 1.38 % | ||
| Current price: | 14.70 | |||
| Support | S1 | 14.54 | -1.11 % | |
| S2 | 14.42 | -1.88 % | ||
| S3 | 14.24 | -3.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.00 | 2.04 % | |
| R2 | 14.87 | 1.16 % | ||
| R1 | 14.84 | 0.95 % | ||
| Current price | 14.70 | |||
| Support | S1 | 14.69 | -0.0680% | |
| S2 | 14.60 | -0.680% | ||
| S3 | 14.24 | -3.13% |
CXW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2020 | Mar 31, 2020 | Apr 15, 2020 | $0.440 | 3.68% |
| 2 | Dec 12, 2019 | Jan 03, 2020 | Jan 15, 2020 | $0.440 | 2.68% |
| 3 | Aug 15, 2019 | Sep 30, 2019 | Oct 15, 2019 | $0.440 | 2.86% |
| 4 | May 16, 2019 | Jun 28, 2019 | Jul 16, 2019 | $0.440 | 2.52% |
| 5 | Feb 21, 2019 | Mar 29, 2019 | Apr 15, 2019 | $0.440 | 2.14% |
FAQ
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