Centene Corporation Forecast and Stock Analysis
Technical CNC stock analysis for Wednesday May 22, 2019.
|Shorts||2.59% ( 2019-04-15 )|
|Price to book||USD 2.05|
|Next Earnings Date||2019-07-23|
Centene Corporation fell by -0.63% in the last day ( Wednesday, 22nd May 2019 ) from $57.14 to $56.78 During day the stock fluctuated 1.13% from a day low at $56.52 to a day high of $57.16. The price has fallen in 6 of the last 10 days , but is still up by 0.28% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -2.94 million shares and in total 3.16 million shares bought and sold for approximately $179.66 million.
- 30 day high of the CNC stock price was $57.45 and low was $46.85.
- 90 day high was $65.36 and low was $45.44.
- 52 week high for the Centene Corporation - $148.98 and low - $45.44.
Centene Corporation lies the upper part of a very wide and falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $57.02 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -11.15% during the next 3 months and, with 90% probability hold a price between $39.27 and $50.66 at the end of this period.
Centene Corporation holds buy signals from both short- and long-term moving averages. In addition, 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 $55.74 and $53.54. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Tuesday May 21, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
The stock holds a RSI14 at 71 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
Centene Corporation finds support from accumulated volume at $56.04.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.64 between high and low, or 1.13%. For the last week, the stock has had a daily average volatility of 2.51%.
The stock is overbought on RSI14 and lies in the upper part of the trend. Normally this will pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stoploss: $54.32 (-4.33%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 71 and this increases the risk substantially. There is a sell signal from pivot top found 1 days ago.)
2.51 %Average volatility
Very Low Low Medium High Very High
Centene Corporation holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.
|Golden Star Signal|
Get competitive edge
The signal uses moving averages and adds special requirements that convert the very good Golden Cross into a Golden Star.
This signal is rare and, in most cases, gives a very good return. From 8.000 stocks usually only a few will trigger a Golden Star Signal per day!
Get access to Golden Star list now
|CNC $56.78 ($-0.36 -0.63%)|
CNC is down $0.36 today, but where's it headed in 2019?
|Zacks Investment Research is releasing its prediction for CNC based on the 1-3 month system that more than doubles the S&P 500.
This report is free today for StockInvest.us readers.
Click here – the CNC analysis is free »
From Our Blog
- Trading With Moving Average
- Pivot Points
- Accumulated Volume - Support and Resistance
- Volume - The Indicator You Really Need to Know
- We Give Back!
- Better Buy: Amazon vs. Facebook
- Better Buy: Apple vs. Microsoft
- Relative Strength Index (RSI)
- How to Lose Money When Trading: Part 2
- How to Lose Money When Trading: A Trader is Born
- Our 2017 Christmas Donation
- The Golden Star
- Announcing Partnership With CityFALCON
- Why correct moving average matters
- NASDAQ down -4.17%. Our portfolio is up +8.56%
- New Feature Added: Golden Star Signal
- Pick a Winner With StockInvest.us