Corrections Corporation of America Stock Forecast
Green day on Friday for Corrections Corporation of America stock after gaining 0.601%
(Updated on Apr 26, 2024)
The Corrections Corporation of America stock price gained 0.601% on the last trading day (Friday, 26th Apr 2024), rising from $14.97 to $15.06. During the last trading day the stock fluctuated 1.68% from a day low at $14.90 to a day high of $15.15. The price has fallen in 6 of the last 10 days and is down by -2.08% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 161 thousand more shares were traded than the day before. In total, 551 thousand shares were bought and sold for approximately $8.30 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $14.81 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.32% during the next 3 months and, with a 90% probability hold a price between $15.89 and $17.78 at the end of this 3-month period.
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CXW Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.45%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Corrections Corporation of America stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $15.27. On a fall, the stock will find some support from the short-term average at $14.95. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Corrections Corporation of America stock
Corrections Corporation of America finds support from accumulated volume at $15.00 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 $0.250 (1.68%) between high and low. For the last week, the stock has had daily average volatility of 1.69%.
Our recommended stop-loss: $14.18 (-5.81%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (CXW) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Corrections Corporation of America to open at $15.04, and during the day (based on 14 day Average True Range), to move between $14.67 and $15.45, which gives a possible trading interval of +/-$0.388 (+/-2.57%) up or down from last closing price. If Corrections Corporation of America takes out the full calculated possible swing range there will be an estimated 5.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $15.00 (0.40%) than the resistance at $15.23 (1.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Corrections Corporation of America stock A Buy?
Corrections Corporation of America 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.
Current score: 0.116 Hold/Accumulate Unchanged
Predicted Opening Price for Corrections Corporation of America of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$15.04 ( 0.155%) | $15.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CXW
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.29 | 1.51 % | |
R2 | 15.19 | 0.87 % | ||
R1 | 15.13 | 0.479 % | ||
Current price: | 15.06 | |||
Support | S1 | 14.94 | -0.789 % | |
S2 | 14.88 | -1.18 % | ||
S3 | 14.79 | -1.81 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.11 | 6.97 % | |
R2 | 15.68 | 4.12 % | ||
R1 | 15.23 | 1.13 % | ||
Current price | 15.06 | |||
Support | S1 | 15.00 | -0.398% | |
S2 | 14.87 | -1.26% | ||
S3 | 14.24 | -5.44% |
CXW Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 20, 2020 | Mar 31, 2020 | Apr 15, 2020 | $0.440 | 3.68% |
2 | Dec 12, 2019 | Jan 03, 2020 | Jan 15, 2020 | $0.440 | 2.68% |
3 | Aug 15, 2019 | Sep 30, 2019 | Oct 15, 2019 | $0.440 | 2.86% |
4 | May 16, 2019 | Jun 28, 2019 | Jul 16, 2019 | $0.440 | 2.52% |
5 | Feb 21, 2019 | Mar 29, 2019 | Apr 15, 2019 | $0.440 | 2.14% |
FAQ
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