Canoo Inc stock price up 2 59% on Friday 

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Canoo Inc. stock price up 2.59% on Friday.
The Canoo Inc. stock price gained 2.59% on the last trading day Friday, 26th Apr 2024, rising from $2.70 to $2.77. During the last trading day the stock fluctuated 4.81% from a day low at $2.70 to a day high of $2.83. The price has been going up and down for this period, and there has been a 15.42% gain for the last 2 weeks. Volume fell on the last day by 1 million shares and in total, 2 million shares were bought and sold for approximately $6.18 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 very wide and falling trend in the short term and further fall within the trend is signaled. Given the current shortterm trend, the stock is expected to fall 18.54% during the next 3 months and, with a 90% probability hold a price between $0.711 and $3.24 at the end of this 3month period.
GOEV Signals & Forecast
The Canoo Inc. stock holds a sell signal from the shortterm Moving Average; at the same time, however, there is a buy signal from the longterm average. Since the shortterm average is above the longterm 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 shortterm Moving Average at approximately $2.97. On a fall, the stock will find some support from the longterm average at approximately $2.76. A breakup through the shortterm average will send a buy signal, whereas a breakdown through the longterm average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence MACD. 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. Some negative signals were issued as well, and these may have some influence on the near shortterm development. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen 36.18%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stoploss for Canoo Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.42 and $2.41. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Canoo Inc. finds support just below today's level at $2.42. If this is broken, then the next support from accumulated volume will be at $2.41 and $2.28.
This stock may move very much during the day volatility and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.130 between high and low, or 4.81%. For the last week, the stock has had daily average volatility of 13.50%.
Trading Expectations GOEV For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Canoo Inc. to open at $2.77, and during the day based on 14 day Average True Range, to move between $2.31 and $3.23, which gives a possible trading interval of +/$0.459 +/16.57% up or down from last closing price. If Canoo Inc. takes out the full calculated possible swing range there will be an estimated 33.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.78 0.36% than the support at $2.42 12.64%, our systems don't find the trading risk/reward intraday attractive and any bets should be held until the stock is closer to the support level.
Insiders are very positive buying more shares than they are selling in Canoo Inc.
In the last 100 trades there were 106.99 million shares bought and 42.55 million shares sold. The last trade was made 18 days ago by Aquila Tony who bough 4.47 million shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.
Is Canoo Inc. stock A Buy?
Canoo Inc. 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.