The Chefs Stock Forecast
Red day on Thursday for The Chefs stock after losing 0.93%
(Updated on Apr 25, 2024)
The The Chefs stock price fell by -0.93% on the last day (Thursday, 25th Apr 2024) from $33.17 to $32.86. During the last trading day the stock fluctuated 2.84% from a day low at $32.17 to a day high of $33.09. The price has fallen in 6 of the last 10 days and is down by -3.15% for this period. Volume has increased on the last day by 70 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 227 thousand shares were bought and sold for approximately $7.45 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $32.19 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect The Chefs stock with a 90% probability to be traded between $32.28 and $38.70 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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CHEF Signals & Forecast
There are mixed signals in the stock today. The The Chefs stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $35.41. On a fall, the stock will find some support from the short-term average at $32.79. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.11%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for The Chefs stock
The Chefs finds support from accumulated volume at $32.83 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.91 between high and low, or 2.84%. For the last week, the stock has had daily average volatility of 2.23%.
Our recommended stop-loss: $31.33 (-4.67%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (CHEF) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect The Chefs to open at $32.71, and during the day (based on 14 day Average True Range), to move between $31.84 and $33.88, which gives a possible trading interval of +/-$1.02 (+/-3.10%) up or down from last closing price. If The Chefs takes out the full calculated possible swing range there will be an estimated 6.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $32.83 (0.09%) than the resistance at $34.79 (5.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
The Chefs will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0700. We will update the financials statements for The Chefs, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.93% in the first trading day after earnings release.
Is The Chefs stock A Buy?
The Chefs holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.914 Hold/Accumulate Unchanged
Predicted Opening Price for The Chefs of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $32.71 ( 0.472%) | $32.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHEF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.62 | 2.31 % | |
| R2 | 33.27 | 1.25 % | ||
| R1 | 33.05 | 0.592 % | ||
| Current price: | 32.86 | |||
| Support | S1 | 32.36 | -1.54 % | |
| S2 | 32.14 | -2.19 % | ||
| S3 | 31.79 | -3.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 37.01 | 12.63 % | |
| R2 | 36.12 | 9.92 % | ||
| R1 | 34.79 | 5.87 % | ||
| Current price | 32.86 | |||
| Support | S1 | 32.83 | -0.0913% | |
| S2 | 32.42 | -1.34% | ||
| S3 | 31.82 | -3.16% |
FAQ
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