CareTrust REIT Stock Forecast

CareTrust REIT stock downgraded from Strong Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)

CTRE Signals & Forecast

The CareTrust REIT 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 $24.33 and $24.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 6.22%. 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). 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. The stock had a Golden Star Signal on Monday, June 05, 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 CareTrust REIT stock

CareTrust REIT finds support from accumulated volume at $24.19 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 $0.685 between high and low, or 2.79%. For the last week the stock has had daily average volatility of 2.00%.

Our recommended stop-loss: $23.98 (-3.82%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (CTRE) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect CareTrust REIT to open at $24.91, and during the day (based on 14 day Average True Range), to move between $24.50 and $25.36, which gives a possible trading interval of +/-$0.427 (+/-1.71%) up or down from last closing price. If CareTrust REIT takes out the full calculated possible swing range there will be an estimated 3.43% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $24.19, some $0.740 (2.97%) from the current price of $24.93, our system finds the risk reward attractive.

Is CareTrust REIT stock A Buy?

CareTrust REIT 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 Strong Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for CareTrust REIT of Thursday, May 2, 2024

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