Conn Stock Forecast
Green day on Wednesday for Conn stock after gaining 3.24%
(Updated on Apr 24, 2024)
The Conn stock price gained 3.24% on the last trading day (Wednesday, 24th Apr 2024), rising from $3.70 to $3.82. During the last trading day the stock fluctuated 2.96% from a day low at $3.71 to a day high of $3.82. The price has been going up and down for this period, and there has been a 19.75% gain for the last 2 weeks. Volume fell on the last day by -36 thousand shares and in total, 36 thousand shares were bought and sold for approximately $136.79 thousand. 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 the upper part of a very wide and falling trend in the short term, and this may 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 $3.83 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 -30.49% during the next 3 months and, with a 90% probability hold a price between $1.62 and $2.66 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CONN Signals & Forecast
The Conn stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $3.74 and $3.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 26.07%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Conn stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.52 and $3.34. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Conn finds support just below today's level at $3.52. If this is broken, then the next support from accumulated volume will be at $3.34 and $3.20.
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 $0.110 between high and low, or 2.96%. For the last week the stock has had daily average volatility of 6.79%.
Our recommended stop-loss: $3.70 (-3.16%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (CONN) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Conn to open at $3.78, and during the day (based on 14 day Average True Range), to move between $3.53 and $4.11, which gives a possible trading interval of +/-$0.287 (+/-7.52%) up or down from last closing price. If Conn takes out the full calculated possible swing range there will be an estimated 15.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.03 (5.50%) than the support at $3.52 (7.85%), 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 Conn stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.061 Buy Candidate Unchanged
Predicted Opening Price for Conn of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $3.78 ( 0.96%) | $3.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CONN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.89 | 1.92 % | |
| R2 | 3.85 | 0.82 % | ||
| R1 | 3.83 | 0.140 % | ||
| Current price: | 3.82 | |||
| Support | S1 | 3.74 | -2.06 % | |
| S2 | 3.72 | -2.74 % | ||
| S3 | 3.67 | -3.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.07 | 6.54 % | |
| R2 | 4.05 | 6.02 % | ||
| R1 | 4.03 | 5.50 % | ||
| Current price | 3.82 | |||
| Support | S1 | 3.52 | -7.85% | |
| S2 | 3.34 | -12.57% | ||
| S3 | 3.20 | -16.23% |
FAQ
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