General Cannabis Corp Stock Forecast
Weaker technical forecast for General Cannabis Corp as stock downgraded to Sell Candidate.
(Updated on Apr 16, 2024)
The General Cannabis Corp stock price fell by -2.86% on the last day (Tuesday, 16th Apr 2024) from $0.0875 to $0.0850. During the last trading day the stock fluctuated 6.38% from a day low at $0.0846 to a day high of $0.0900. The price has fallen in 6 of the last 10 days and is down by -3.41% 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 -82 thousand shares and in total, 72 thousand shares were bought and sold for approximately $6.15 thousand.
The stock lies in the middle of a very wide and strong 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 11.72% during the next 3 months and, with a 90% probability hold a price between $0.0816 and $0.112 at the end of this 3-month period.
CANN Signals & Forecast
There are few to no technical positive signals at the moment. The General Cannabis 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 $0.0883 and $0.0853. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -13.53%. 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 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.
Support, Risk & Stop-loss for General Cannabis Corp stock
General Cannabis Corp finds support from accumulated volume at $0.0829 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0054 between high and low, or 6.38%. For the last week the stock has had daily average volatility of 11.47%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CANN) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect General Cannabis Corp to open at $0.0865, and during the day (based on 14 day Average True Range), to move between $0.0746 and $0.0954, which gives a possible trading interval of +/-$0.0104 (+/-12.24%) up or down from last closing price. If General Cannabis Corp takes out the full calculated possible swing range there will be an estimated 24.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0855 (0.59%) than the support at $0.0829 (2.47%), 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 General Cannabis Corp stock A Buy?
The General Cannabis Corp stock holds several negative signals and despite the positive trend, we believe General Cannabis Corp will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -4.090 Sell Candidate Downgraded
Predicted Opening Price for General Cannabis Corp of Wednesday, April 17, 2024
Fair opening price April 17, 2024 | Current price |
---|---|
$0.0865 ( 1.80%) | $0.0850 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0919 | 8.16 % | |
R2 | 0.0899 | 5.73 % | ||
R1 | 0.0886 | 4.23 % | ||
Current price: | 0.0850 | |||
Support | S1 | 0.0845 | -0.623 % | |
S2 | 0.0832 | -2.12 % | ||
S3 | 0.0811 | -4.55 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0976 | 14.82 % | |
R2 | 0.0866 | 1.88 % | ||
R1 | 0.0855 | 0.588 % | ||
Current price | 0.0850 | |||
Support | S1 | 0.0829 | -2.47% | |
S2 | 0.0820 | -3.53% | ||
S3 | 0.0800 | -5.88% |
FAQ
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