Cal-Maine Foods Stock Forecast
Cal-Maine Foods stock downgraded from Buy Candidate to Sell Candidate after Monday trading session.
(Updated on Apr 22, 2024)
The Cal-Maine Foods stock price fell by -0.649% on the last day (Monday, 22nd Apr 2024) from $60.09 to $59.70. During the last trading day the stock fluctuated 2.25% from a day low at $59.47 to a day high of $60.80. The price has fallen in 8 of the last 10 days and is down by -5.12% 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 -57 thousand shares and in total, 674 thousand shares were bought and sold for approximately $40.21 million.
The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $59.44 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 11.75% during the next 3 months and, with a 90% probability hold a price between $66.42 and $71.53 at the end of this 3-month period.
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CALM Signals & Forecast
There are few to no technical positive signals at the moment. The Cal-Maine Foods stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $60.29 and $59.96. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -5.12%. 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 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 Cal-Maine Foods stock
Cal-Maine Foods finds support from accumulated volume at $59.41 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 $1.33 (2.25%) between high and low. For the last week, the stock has had daily average volatility of 3.16%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CALM) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cal-Maine Foods to open at $59.99, and during the day (based on 14 day Average True Range), to move between $57.93 and $61.47, which gives a possible trading interval of +/-$1.77 (+/-2.96%) up or down from last closing price. If Cal-Maine Foods takes out the full calculated possible swing range there will be an estimated 5.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $59.41 (0.49%) than the resistance at $61.04 (2.24%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cal-Maine Foods stock A Buy?
The Cal-Maine Foods stock holds several negative signals and despite the positive trend, we believe Cal-Maine Foods will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.030 Sell Candidate Downgraded
Predicted Opening Price for Cal-Maine Foods of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $59.99 ( 0.483%) | $59.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CALM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.32 | 2.72 % | |
| R2 | 60.81 | 1.86 % | ||
| R1 | 60.50 | 1.34 % | ||
| Current price: | 59.70 | |||
| Support | S1 | 59.48 | -0.371 % | |
| S2 | 59.16 | -0.90 % | ||
| S3 | 58.65 | -1.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 62.90 | 5.36 % | |
| R2 | 62.80 | 5.19 % | ||
| R1 | 61.04 | 2.24 % | ||
| Current price | 59.70 | |||
| Support | S1 | 59.41 | -0.486% | |
| S2 | 59.40 | -0.503% | ||
| S3 | 58.91 | -1.32% |
CALM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 02, 2024 | Apr 30, 2024 | May 16, 2024 | $1.00 | 1.67% |
| 2 | Nov 27, 2007 | Jan 30, 2024 | Feb 15, 2024 | $0.116 | 0.203% |
| 3 | Oct 31, 2023 | Oct 31, 2023 | Nov 16, 2023 | $0.0060 | 0.0121% |
| 4 | Nov 27, 2007 | Aug 04, 2023 | Aug 22, 2023 | $0.755 | 1.59% |
| 5 | Nov 27, 2007 | Apr 25, 2023 | May 11, 2023 | $2.20 | 4.59% |
FAQ
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