COVALON TECHNOLOGIES LTD (COV.CA) Stock Technical Analysis
TSX-V:COV - TSX Venture Exchange - CA22282D3022 - Common Stock - Currency: CAD
We assign a technical rating of 8 out of 10 to COV. In the past year, COV was one of the better performing stocks in the market. The medium term picture became unclear, although we see some improvement happening in recent action.
Warning: COV has an average volume of 17632 traded shares per day. This is quite low and it might be dangerous to invest in illiquid stocks.
The short term trend is positive, while the long term trend is neutral. So this is evolving in the right direction.
COV is part of the Biotechnology industry. There are 22 other stocks in this industry. COV outperforms 95% of them.
In the last month COV has a been trading in the 2.23 - 2.90 range, which is quite wide. It is currently trading near the high of this range.
When comparing the yearly performance of all stocks, we notice that COV is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, COV also shows a nice and consistent pattern of rising prices. However, this overall performance is mostly based on the strong move around 10 months ago.
COV is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so COV is lagging the market slightly.
Although COV has an excellent technical rating, it does not offer a high quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.
More info and screens
2.22
2.84
When analyzing the support we can see 3 important areas.
- A support zone ranging from 2.51 to 2.52. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
- Support @2.31 from a trend line in the daily time frame.
- Support @2.24 from a horizontal line in the daily time frame.
We found 1 important resistance area.
- A resistance zone ranging from 2.77 to 2.81. This zone is formed by a combination of multiple trend lines in the daily 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 | NEUTRAL | NEUTRAL | The long term trend for COV.CA is neutral. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for COV.CA is up. |
| ChartMill Relative Strength | 94.47 | POSITIVE | COV.CA has a high relative strength, it outperformed 94.47% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of COV.CA is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of COV.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | MIXED | The current price of COV.CA is below the rising SMA(200). |
| Relative Strength Index/RSI (14) | 61.44 | NEUTRAL | The RSI value for COV.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.03 | POSITIVE | The MACD value suggests COV.CA has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 71.63 | NEUTRAL | The Stochastics value for COV.CA is a neutral value. |
| Average True Range in percent/ATR (20) | 3.23 | MEDIUM VOLATILITY | The ATR as a percentage value for COV.CA suggests some volalility. |
| Average Directional Index/ADX (14) | 31.85 | POSITIVE | The high ADX value value for COV.CA suggests a strong trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
TSX-V:COV (5/23/2025, 7:00:00 PM)
2.7
-0.01 (-0.37%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorHealth Care
GICS IndustryBiotechnology
Performance
% Chg-0.37%
1 Week5.88%
2 Weeks5.47%
1 Month17.65%
3 Month-3.57%
6 Month-28.76%
12 Month147.71%
2 Year42.11%
3 Year36.36%
5 Year59.76%
10 Year143.24%
15 Year1025%
Volatility
ATR(14)0.11
ATR(20)%3.23%
ATR Inc-42.47%
Range Today0.05
ADR(20)0.07
ADR(20)%2.59%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS94.47
Mansfield-0.55
10 Day High2.9
10 Day Low2.53
20 Day High2.9
20 Day Low2.23
52 Week High4.3
52 Week Low1.11
CS1 End2.52
CR1 Start2.77
Volume & EV
DER(3)9.29%
DER(5)6.62%
Volume11.40K
Volume Incr-21.22%
Vol(5)11.79K
Vol(50)17.63K