CULP INC Stock Forecast
CULP INC stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The CULP INC stock price gained 0.656% on the last trading day (Friday, 26th Apr 2024), rising from $4.57 to $4.60. During the last trading day the stock fluctuated 4.58% from a day low at $4.53 to a day high of $4.74. The price has risen in 7 of the last 10 days and is up by 3.6% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 20 thousand more shares were traded than the day before. In total, 28 thousand shares were bought and sold for approximately $128.69 thousand.
The stock lies the upper part of a 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 $4.61 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 -12.50% during the next 3 months and, with a 90% probability hold a price between $3.56 and $4.03 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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CULP Signals & Forecast
Mostly positive signals in the chart today. The CULP INC 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 $4.53 and $4.58. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 4.55%. 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). CULP INC has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
A buy signal from a double bottom formation was found on Thursday, April 11, 2024 and based on theory for this formation the price should go up by 11.84% to $5.14 within 18 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for CULP INC stock
CULP INC finds support from accumulated volume at $4.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.208 (4.58%) between high and low. For the last week, the stock has had daily average volatility of 3.88%.
Our recommended stop-loss: $4.37 (-5.04%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (CULP) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect CULP INC to open at $4.62, and during the day (based on 14 day Average True Range), to move between $4.43 and $4.77, which gives a possible trading interval of +/-$0.170 (+/-3.69%) up or down from last closing price. If CULP INC takes out the full calculated possible swing range there will be an estimated 7.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.50 (2.17%) than the resistance at $4.96 (7.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CULP INC 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.722 Buy Candidate Upgraded
Predicted Opening Price for CULP INC of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $4.62 ( 0.490%) | $4.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CULP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.83 | 5.00 % | |
| R2 | 4.75 | 3.28 % | ||
| R1 | 4.70 | 2.21 % | ||
| Current price: | 4.60 | |||
| Support | S1 | 4.54 | -1.23 % | |
| S2 | 4.49 | -2.30 % | ||
| S3 | 4.41 | -4.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.03 | 9.35 % | |
| R2 | 5.00 | 8.70 % | ||
| R1 | 4.96 | 7.83 % | ||
| Current price | 4.60 | |||
| Support | S1 | 4.50 | -2.17% | |
| S2 | 4.48 | -2.61% | ||
| S3 | 4.43 | -3.70% |
CULP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 02, 2022 | Apr 08, 2022 | Apr 19, 2022 | $0.115 | 1.51% |
| 2 | Dec 01, 2021 | Jan 10, 2022 | Jan 19, 2022 | $0.115 | 1.28% |
| 3 | Sep 01, 2021 | Oct 07, 2021 | Oct 18, 2021 | $0.110 | 0.84% |
| 4 | Jun 16, 2021 | Jul 08, 2021 | Jul 16, 2021 | $0.110 | 0.701% |
| 5 | Mar 03, 2021 | Apr 08, 2021 | Apr 16, 2021 | $0.110 | 0.775% |
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