Coventry Group Ltd Stock Forecast
Coventry Group Ltd stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on May 17, 2024)
The Coventry Group Ltd stock price fell by -1.33% on the last day (Friday, 17th May 2024) from $1.50 to $1.48. During the last trading day the stock fluctuated 2.41% from a day low at $1.46 to a day high of $1.49. The price has fallen in 5 of the last 10 days but is still up by 0.68% over the past 2 weeks. Volume has increased on the last day by 1 million 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, 1 million shares were bought and sold for approximately $2.13 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Coventry Group Ltd stock with a 90% probability to be traded between $1.44 and $1.68 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CYG.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Coventry Group Ltd 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 $1.49. On a fall, the stock will find some support from the short-term average at $1.46. 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 Thursday, May 16, 2024, and so far it has fallen -1.33%. 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.
A sell signal from a double top formation was found on Thursday, March 14, 2024 and based on theory for this formation the price should fall by -2.03% to $1.45 within 8 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for Coventry Group Ltd stock
Coventry Group Ltd finds support from accumulated volume at $1.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0350 between high and low, or 2.41%. For the last week, the stock has had daily average volatility of 1.51%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CYG.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Coventry Group Ltd to open at $1.48, and during the day (based on 14 day Average True Range), to move between $1.45 and $1.51, which gives a possible trading interval of +/-$0.0343 (+/-2.32%) up or down from last closing price. If Coventry Group Ltd takes out the full calculated possible swing range there will be an estimated 4.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.50 (1.35%) than the support at $1.45 (2.03%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Coventry Group Ltd stock A Buy?
Coventry Group Ltd holds several negative signals and is within a wide and falling trend, so we believe 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 Buy to a Sell candidate.
Current score: -2.676 Sell Candidate Downgraded
Predicted Opening Price for Coventry Group Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.48 ( 0.338%) | $1.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CYG.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.51 | 2.03 % | |
| R2 | 1.50 | 1.12 % | ||
| R1 | 1.49 | 0.566 % | ||
| Current price: | 1.48 | |||
| Support | S1 | 1.46 | -1.24 % | |
| S2 | 1.45 | -1.80 % | ||
| S3 | 1.44 | -2.70 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.58 | 6.76 % | |
| R2 | 1.51 | 2.03 % | ||
| R1 | 1.50 | 1.35 % | ||
| Current price | 1.48 | |||
| Support | S1 | 1.45 | -2.03% | |
| S2 | 1.44 | -2.70% | ||
| S3 | 1.40 | -5.41% |
CYG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 29, 2022 | Sep 29, 2022 | Sep 29, 2022 | $0.0350 | 2.82% |
| 2 | Sep 29, 2021 | Sep 29, 2021 | Sep 29, 2021 | $0.0300 | 1.96% |
| 3 | Aug 27, 2015 | Oct 09, 2015 | Oct 27, 2015 | $0.0223 | 2.08% |
| 4 | Feb 26, 2015 | Mar 04, 2015 | Mar 13, 2015 | $0.156 | 9.50% |
| 5 | Aug 22, 2014 | Sep 03, 2014 | Sep 19, 2014 | $0.0980 | 4.08% |
FAQ
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