Scope Carbon Corp. Stock Forecast
Stronger technical forecast for Scope Carbon Corp. stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Scope Carbon Corp. stock price gained 2.03% on the last trading day (Tuesday, 2nd Jul 2024), rising from $1.97 to $2.01. During the last trading day the stock fluctuated 2.99% from a day low at $2.01 to a day high of $2.07. The price has been going up and down for this period, and there has been a 0.5% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 8 thousand shares were bought and sold for approximately $16.08 thousand.
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 Scope Carbon Corp. stock with a 90% probability to be traded between $1.91 and $2.15 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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SCPE.CN Signals & Forecast
The Scope Carbon Corp. 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 $2.02 and $2.01. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has risen 2.03%. Further rise is indicated until a new top pivot has been found. Scope Carbon Corp. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Wednesday, May 08, 2024 with a target of $2.02. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for Scope Carbon Corp. stock
Scope Carbon Corp. finds support from accumulated volume at $2.00 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 $0.0600 (2.99%) between high and low. For the last week, the stock has had daily average volatility of 2.00%.
Our recommended stop-loss: $1.90 (-5.33%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (SCPE.CN) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Scope Carbon Corp. to open at $2.03, and during the day (based on 14 day Average True Range), to move between $1.93 and $2.09, which gives a possible trading interval of +/-$0.0755 (+/-3.76%) up or down from last closing price. If Scope Carbon Corp. takes out the full calculated possible swing range there will be an estimated 7.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.00 (0.50%) than the resistance at $2.02 (0.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Scope Carbon Corp. stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.438 Buy Candidate Upgraded
Predicted Opening Price for Scope Carbon Corp. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $2.03 ( 1.00%) | $2.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCPE.CN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.09 | 3.98% |
| R2 | 2.07 | 2.84% |
| R1 | 2.05 | 2.14% |
| Price | 2.01 | |
| S1 | 2.01 | -0.145% |
| S2 | 1.99 | -0.85% |
| S3 | 1.97 | -1.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.10 | 4.48% |
| R2 | 2.04 | 1.49% |
| R1 | 2.02 | 0.498% |
| Price | 2.01 | |
| S1 | 2.00 | -0.498% |
| S2 | 1.95 | -2.99% |
| S3 | 1.85 | -7.96% |
FAQ
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