Canoo Holdings Ltd. Stock Forecast

Big movements in Canoo Holdings Ltd. stock price on Thursday moving 13.94% between high and low
(Updated on Apr 18, 2024)

GOEVW Signals & Forecast

The Canoo Holdings Ltd. 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 $0.0742 and $0.0732. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 26.71%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Canoo Holdings Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Canoo Holdings Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0749 and $0.0700. 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 Holdings Ltd. finds support just below today's level at $0.0749. If this is broken, then the next support from accumulated volume will be at $0.0700 and $0.0600.

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 $0.0110 between high and low, or 13.94%. For the last week, the stock has had daily average volatility of 22.51%.

Our recommended stop-loss: $0.0772 (-3.14%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (GOEVW) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Canoo Holdings Ltd. to open at $0.0828, and during the day (based on 14 day Average True Range), to move between $0.0608 and $0.0986, which gives a possible trading interval of +/-$0.0189 (+/-23.71%) up or down from last closing price. If Canoo Holdings Ltd. takes out the full calculated possible swing range there will be an estimated 47.42% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0800 (0.38%) than the support at $0.0749 (6.02%), 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 Holdings Ltd. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Canoo Holdings Ltd. 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: 3.490 Buy Candidate Downgraded

Predicted Opening Price for Canoo Holdings Ltd. of Friday, April 19, 2024

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