Canoo Holdings Ltd. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Big movements in Canoo Holdings Ltd. stock price on Friday moving 11.27% between high and low
(Updated on Apr 26, 2024)
The Canoo Holdings Ltd. stock price fell by -5.33% on the last day (Friday, 26th Apr 2024) from $0.0750 to $0.0710. During the last trading day the stock fluctuated 11.27% from a day low at $0.0710 to a day high of $0.0790. The price has fallen in 6 of the last 10 days and is down by -2.74% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -44 thousand shares and in total, 49 thousand shares were bought and sold for approximately $3.49 thousand.
The stock lies in the middle of a very wide and weak 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 8.03% during the next 3 months and, with a 90% probability hold a price between $0.0503 and $0.136 at the end of this 3-month period.
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GOEVW Signals & Forecast
There are mixed signals in the stock today. The Canoo Holdings Ltd. 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 $0.0760 and $0.0764. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 12.88%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
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 $0.0600 and $0.0581. 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 $0.0600. If this is broken, then the next support from accumulated volume will be at $0.0581 and $0.0580.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0080 between high and low, or 11.27%. For the last week the stock has had daily average volatility of 10.95%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GOEVW) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Canoo Holdings Ltd. to open at $0.0737, and during the day (based on 14 day Average True Range), to move between $0.0546 and $0.0874, which gives a possible trading interval of +/-$0.0164 (+/-23.17%) up or down from last closing price. If Canoo Holdings Ltd. takes out the full calculated possible swing range there will be an estimated 46.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0749 (5.49%) than the support at $0.0600 (15.49%), 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?
Canoo Holdings Ltd. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.216 Sell Candidate Unchanged
Predicted Opening Price for Canoo Holdings Ltd. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.0737 ( 3.76%) | $0.0710 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOEVW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0817 | 15.02 % | |
| R2 | 0.0786 | 10.72 % | ||
| R1 | 0.0767 | 8.06 % | ||
| Current price: | 0.0710 | |||
| Support | S1 | 0.0706 | -0.548 % | |
| S2 | 0.0687 | -3.21 % | ||
| S3 | 0.0657 | -7.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0805 | 13.38 % | |
| R2 | 0.0800 | 12.68 % | ||
| R1 | 0.0749 | 5.49 % | ||
| Current price | 0.0710 | |||
| Support | S1 | 0.0600 | -15.49% | |
| S2 | 0.0581 | -18.17% | ||
| S3 | 0.0580 | -18.31% |
FAQ
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