CorVel Corp. Forecast and Stock Analysis
Technical CRVL stock analysis for Monday June 24, 2019.
CorVel Corp. fell by -1.44% in the last day ( Monday, 24th Jun 2019 ) from $83.60 to $82.40 and has now fallen 3 days in a row. During day the stock fluctuated 4.13% from a day low at $81.57 to a day high of $84.94. The price has risen in 7 of the last 10 days and is up by 4.3% 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 -119 407 shares and in total 106 311 shares bought and sold for approximately $8.76 million.
- 30 day high of the CRVL stock price was $85.60 and low was $70.00.
- 90 day high was $85.60 and low was $62.84.
- 52 week high for the CorVel Corp. - $85.60 and low - $52.30.
CorVel Corp. lies in the middle of a 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 26.57% during the next 3 months and, with 90% probability hold a price between $95.98 and $107.53 at the end of this period.
CorVel Corp. holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $82.98. On a fall, the stock will find some support from the long-term average at approximately $76.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. 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 Thursday June 20, 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 76 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
On the downside, the stock finds support just below today's level from accumulated volume at $76.32 and $74.12.
There is 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, CorVel Corp. finds support just below today's level at $76.32. If this is broken, then the next support from accumulated volume will be at $74.12 and $68.00.
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 $3.37 between high and low, or 4.13%. For the last week, the stock has had a daily average volatility of 2.36%.
Our recommended stoploss: $78.26 (-5.02%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from pivot top found 2 days ago.)
2.36 %Average volatility
Very Low Low Medium High Very High
CorVel Corp. 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.
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