Commercial Vehicle Group Stock Forecast
Commercial Vehicle Group stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 19, 2024)
The Commercial Vehicle Group stock price gained 2.18% on the last trading day (Friday, 19th Apr 2024), rising from $6.20 to $6.33. During the last trading day the stock fluctuated 2.76% from a day low at $6.16 to a day high of $6.33. The price has risen in 5 of the last 10 days but is still down by -0.31% for this period. Volume fell on the last day by -3 thousand shares and in total, 89 thousand shares were bought and sold for approximately $561.69 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 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 $6.43 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 -5.14% during the next 3 months and, with a 90% probability hold a price between $5.62 and $6.10 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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CVGI Signals & Forecast
The Commercial Vehicle Group 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 $6.30 and $6.31. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -2.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Commercial Vehicle Group stock
Commercial Vehicle Group finds support from accumulated volume at $6.20 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.170 between high and low, or 2.76%. For the last week the stock has had daily average volatility of 2.80%
Our recommended stop-loss: $6.08 (-3.97%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (CVGI) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Commercial Vehicle Group to open at $6.27, and during the day (based on 14 day Average True Range), to move between $6.13 and $6.53, which gives a possible trading interval of +/-$0.198 (+/-3.12%) up or down from last closing price. If Commercial Vehicle Group takes out the full calculated possible swing range there will be an estimated 6.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.38 (0.79%) than the support at $6.20 (2.05%), 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 Commercial Vehicle Group stock A Buy?
Commercial Vehicle Group holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.144 Hold/Accumulate Upgraded
Predicted Opening Price for Commercial Vehicle Group of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $6.27 ( 0.90%) | $6.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVGI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.44 | 1.79 % | |
| R2 | 6.38 | 0.765 % | ||
| R1 | 6.34 | 0.131 % | ||
| Current price: | 6.33 | |||
| Support | S1 | 6.21 | -1.92 % | |
| S2 | 6.17 | -2.55 % | ||
| S3 | 6.10 | -3.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.53 | 3.16 % | |
| R2 | 6.43 | 1.58 % | ||
| R1 | 6.38 | 0.790 % | ||
| Current price | 6.33 | |||
| Support | S1 | 6.20 | -2.05% | |
| S2 | 6.15 | -2.84% | ||
| S3 | 6.10 | -3.63% |
FAQ
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