Correvio Pharma Corp (CORV.CA) Stock Technical Analysis
TSX:CORV - Toronto Stock Exchange -
We assign a technical rating of 4 out of 10 to CORV. CORV scores bad on all fronts: it is a bad performer in the overall market and both the medium and short term pictures are negative.
CORV has only a medium technical rating, but it does show a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 0.55, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CORV in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
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When analyzing the support we notice one important area.
- A support zone ranging from 0.55 to 0.55. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
When analyzing the resistance we notice 4 important areas.
- A resistance zone ranging from 0.59 to 0.59. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Resistance @0.60 from a horizontal line in the daily time frame.
- Resistance @0.62 from a horizontal line in the weekly time frame.
- Resistance @1.00 from a trend line in the weekly time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | DOWN | NEGATIVE | The long term trend for CORV.CA is down. |
| ChartMill Short Term Trend Indicator | DOWN | NEGATIVE | The short term trend for CORV.CA is down. |
| ChartMill Relative Strength | 7.79 | NEGATIVE | CORV.CA has a low relative strength, it was outperformed by 92.21% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | MIXED | The current price of CORV.CA is below the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of CORV.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | DOWN | NEGATIVE | The current price of CORV.CA is below a declining SMA(200). |
| Relative Strength Index/RSI (14) | 47.32 | NEUTRAL | The RSI value for CORV.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0 | NEGATIVE | The MACD value suggests CORV.CA has a negative trend. |
| Stochastics (14,3) | 33.33 | NEUTRAL | The Stochastics value for CORV.CA is a neutral value. |
| Average True Range in percent/ATR (20) | 3.57 | MEDIUM VOLATILITY | The ATR as a percentage value for CORV.CA suggests some volalility. |
TSX:CORV (5/29/2020, 3:31:13 PM)
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