Conn Stock Forecast
Conn stock upgraded to Buy Candidate.
(Updated on Apr 23, 2024)
The Conn stock price gained 1.09% on the last trading day (Tuesday, 23rd Apr 2024), rising from $3.66 to $3.70. During the last trading day the stock fluctuated 5.26% from a day low at $3.61 to a day high of $3.80. The price has fallen in 6 of the last 10 days but is still up by 11.11% over the past 2 weeks. Volume fell on the last day by -62 thousand shares and in total, 72 thousand shares were bought and sold for approximately $266.68 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 very 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 $3.85 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 -31.41% during the next 3 months and, with a 90% probability hold a price between $1.59 and $2.64 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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CONN Signals & Forecast
The Conn stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.76. On a fall, the stock will find some support from the long-term average at approximately $3.45. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 22.11%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 Conn stock
Conn finds support from accumulated volume at $3.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.190 between high and low, or 5.26%. For the last week the stock has had daily average volatility of 7.82%.
Our recommended stop-loss: $3.58 (-3.18%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (CONN) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Conn to open at $3.70, and during the day (based on 14 day Average True Range), to move between $3.40 and $4.00, which gives a possible trading interval of +/-$0.300 (+/-8.11%) up or down from last closing price. If Conn takes out the full calculated possible swing range there will be an estimated 16.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.52 (4.86%) than the resistance at $4.03 (8.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Conn 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 Hold/Accumulate to a Buy candidate.
Current score: 1.613 Buy Candidate Upgraded
Predicted Opening Price for Conn of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $3.70 ( 0.0901%) | $3.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CONN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.89 | 5.23 % | |
| R2 | 3.82 | 3.26 % | ||
| R1 | 3.78 | 2.05 % | ||
| Current price: | 3.70 | |||
| Support | S1 | 3.63 | -1.87 % | |
| S2 | 3.59 | -3.08 % | ||
| S3 | 3.51 | -5.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.07 | 10.00 % | |
| R2 | 4.05 | 9.46 % | ||
| R1 | 4.03 | 8.92 % | ||
| Current price | 3.70 | |||
| Support | S1 | 3.52 | -4.86% | |
| S2 | 3.34 | -9.73% | ||
| S3 | 3.20 | -13.51% |
FAQ
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