Canoo Inc. Stock Forecast

Canoo Inc. stock price fell more than -5.05% Monday closing at $2.63
(Updated on May 06, 2024)

GOEV Signals & Forecast

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. The Canoo Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.78 and $2.95. 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 -39.40%. Further fall is indicated until a new bottom pivot has been found. 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 Canoo Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $2.42 and $2.41. There is a 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, Canoo Inc. finds support just below today's level at $2.42. If this is broken, then the next support from accumulated volume will be at $2.41 and $2.28.

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 $0.155 between high and low, or 5.94%. For the last week, the stock has had daily average volatility of 6.55%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GOEV) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Canoo Inc. to open at $2.67, and during the day (based on 14 day Average True Range), to move between $2.28 and $2.98, which gives a possible trading interval of +/-$0.355 (+/-13.49%) up or down from last closing price. If Canoo Inc. takes out the full calculated possible swing range there will be an estimated 26.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.78 (5.70%) than the support at $2.42 (7.98%), 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 Canoo Inc. stock A Buy?

Canoo Inc. holds several negative signals and is within a very 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.

Current score: -3.688 Sell Candidate Unchanged

Predicted Opening Price for Canoo Inc. of Tuesday, May 7, 2024

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