Corrections Corporation of America Stock Forecast
Corrections Corporation of America stock upgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)
The Corrections Corporation of America stock price fell by -0.0661% on the last day (Wednesday, 24th Apr 2024) from $15.13 to $15.12. During the last trading day the stock fluctuated 1.03% from a day low at $15.00 to a day high of $15.16. The price has fallen in 6 of the last 10 days and is down by -3.76% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -112 thousand shares and in total, 328 thousand shares were bought and sold for approximately $4.96 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 $14.78 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 7.79% during the next 3 months and, with a 90% probability hold a price between $15.93 and $17.84 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CXW Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.86%. Further rise is indicated until a new top pivot has been found. 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 $15.25. On a fall, the stock will find some support from the short-term average at $14.94. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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 $0.155 (1.03%) between high and low. For the last week, the stock has had daily average volatility of 2.18%.
Our recommended stop-loss: $14.34 (-5.19%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CXW) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Corrections Corporation of America to open at $15.09, and during the day (based on 14 day Average True Range), to move between $14.71 and $15.53, which gives a possible trading interval of +/-$0.408 (+/-2.70%) 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 5.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $15.23 (0.73%) than the support at $15.00 (0.79%), 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 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.091 Hold/Accumulate Upgraded
Predicted Opening Price for Corrections Corporation of America of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $15.09 ( 0.187%) | $15.12 |
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 | 15.25 | 0.84 % | |
| R2 | 15.19 | 0.446 % | ||
| R1 | 15.15 | 0.204 % | ||
| Current price: | 15.12 | |||
| Support | S1 | 15.03 | -0.579 % | |
| S2 | 15.00 | -0.82 % | ||
| S3 | 14.94 | -1.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.11 | 6.55 % | |
| R2 | 15.68 | 3.70 % | ||
| R1 | 15.23 | 0.728 % | ||
| Current price | 15.12 | |||
| Support | S1 | 15.00 | -0.794% | |
| S2 | 14.87 | -1.65% | ||
| S3 | 14.24 | -5.82% |
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
Click here for our free guide on how to buy Corrections Corporation of America Stock.
