Corrections Corporation of America Stock Forecast
Corrections Corporation of America stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Corrections Corporation of America stock price gained 1.37% on the last trading day (Tuesday, 23rd Apr 2024), rising from $14.94 to $15.15. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.21% from a day low at $14.94 to a day high of $15.27. The price has fallen in 6 of the last 10 days and is down by -5.17% for this period. Volume fell on the last day by -19 thousand shares and in total, 428 thousand shares were bought and sold for approximately $6.49 million. 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 in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.63% during the next 3 months and, with a 90% probability hold a price between $15.88 and $17.79 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
There are mixed signals in the stock today. 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 $15.24. On a fall, the stock will find some support from the short-term average at $14.96. 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). A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.03%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
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 has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.330 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 2.56%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CXW) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Corrections Corporation of America to open at $15.12, and during the day (based on 14 day Average True Range), to move between $14.72 and $15.57, which gives a possible trading interval of +/-$0.428 (+/-2.83%) 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 5.65% 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 (0.56%) than the support at $15.00 (0.96%), 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 negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Hold/Accumulate to a Sell candidate.
Current score: -1.047 Sell Candidate Downgraded
Predicted Opening Price for Corrections Corporation of America of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $15.12 ( 0.176%) | $15.15 |
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 | 15.45 | 2.00 % | |
| R2 | 15.32 | 1.17 % | ||
| R1 | 15.24 | 0.656 % | ||
| Current price: | 15.15 | |||
| Support | S1 | 14.99 | -1.01 % | |
| S2 | 14.91 | -1.52 % | ||
| S3 | 14.79 | -2.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.11 | 6.37 % | |
| R2 | 15.68 | 3.53 % | ||
| R1 | 15.23 | 0.561 % | ||
| Current price | 15.15 | |||
| Support | S1 | 15.00 | -0.96% | |
| S2 | 14.87 | -1.82% | ||
| S3 | 14.24 | -5.98% |
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.
