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Centene Corporation stock downgraded to Hold/Accumulate
(Updated on Mar 27, 2024)

Buy or Hold candidate since Feb 07, 2024 Gain 4.58% PDF

The Centene Corporation stock price gained 1.02% on the last trading day (Wednesday, 27th Mar 2024), rising from $77.56 to $78.35. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.94% from a day low at $77.96 to a day high of $78.69. The price has been going up and down for this period, and there has been a 2.12% gain for the last 2 weeks. Volume fell on the last day by -266 thousand shares and in total, 3 million shares were bought and sold for approximately $231.78 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock lies in the middle of a 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 2.58% during the next 3 months and, with a 90% probability hold a price between $76.92 and $83.30 at the end of this 3-month period.

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CNC Signals & Forecast

The Centene Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $77.67 and $77.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 3.82%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, July 18, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy
Special Signal Notification

Golden Star 12 Months

The stock had a Golden Star Signal on Tuesday, July 18, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Centene Corporation stock

Centene Corporation finds support from accumulated volume at $78.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.730 between high and low, or 0.94%. For the last week the stock has had daily average volatility of 1.32%.

Our recommended stop-loss: $74.66 (-4.70%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (CNC) For The Upcoming Trading Day Of Thursday 28th

For the upcoming trading day on Thursday, 28th we expect Centene Corporation to open at $78.33, and during the day (based on 14 day Average True Range), to move between $76.84 and $79.86, which gives a possible trading interval of +/-$1.51 (+/-1.92%) up or down from last closing price. If Centene Corporation takes out the full calculated possible swing range there will be an estimated 3.85% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $78.43 (0.10%) than the support at $78.14 (0.27%), 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 Centene Corporation stock A Buy?

Centene Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.647 Hold/Accumulate Downgraded

Predicted Opening Price for Centene Corporation of Thursday, March 28, 2024

Fair opening price March 28, 2024 Current price
$78.33 ( 0.0213%) $78.35

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for CNC

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 79.06 0.91 %
R2 78.78 0.555 %
R1 78.61 0.335 %
Current price: 78.35
Support S1 78.05 -0.377 %
S2 77.88 -0.597 %
S3 77.60 -0.95 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 79.47 1.43 %
R2 78.70 0.447 %
R1 78.43 0.102 %
Current price 78.35
Support S1 78.14 -0.268%
S2 74.92 -4.38%
S3 73.55 -6.13%

FAQ

What is the symbol for Centene Corporation Stock and on which exchange is it traded?
The symbol for Centene Corporation is CNC and it is traded on the NYSE (New York Stock Exchange).

Should I buy or sell Centene Corporation Stock?
Centene Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

How to buy Centene Corporation Stock?
Centene Corporation Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Centene Corporation Stock.

What's the current price of Centene Corporation Stock?
As of the end of day on the 2024-03-27, the price of an Centene Corporation (CNC) share was $78.35.

What is the 52-week high and low for Centene Corporation Stock?
The 52-week high for Centene Corporation Stock is $81.42 and the 52-week low is $60.83.

What is the market capitalization of Centene Corporation Stock?
As of the 2024-03-27, the market capitalization of Centene Corporation is 41.907B.

When is the next earnings date for Centene Corporation?
The upcoming earnings date for Centene Corporation is Apr 26, 2024.
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