COVALON TECHNOLOGIES LTD (COV.CA) Stock Technical Analysis
TSX-V:COV - TSX Venture Exchange - CA22282D3022 - Common Stock - Currency: CAD
Taking everything into account, COV scores 6 out of 10 in our technical rating. In the past year, COV was only an average performing stock in the market. The medium term picture is unclear, although we see some positive events in recent action.
COV is currently trading in the lower part of its 52 week range, which is not a good signal. Certainly not because the S&P500 Index is trading near new highs.
Warning: COV has an average volume of 13187 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.
In the last month COV has a been trading in the 2.34 - 2.75 range, which is quite wide. It is currently trading near the high of this range.
Looking at the yearly performance, COV did better than 71% of all other stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
COV is part of the Biotechnology industry. There are 24 other stocks in this industry, COV did better than 56% of them.
Volume is considerably higher in the last couple of days.
Although the technical rating is only medium, COV does present a nice setup opportunity. Prices have been consolidating lately. Very recently a Pocket Pivot signal was observed. This is another positive sign.
- 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.
More info and screens
2.22
2.84
5 important support areas can be observed.
- A support zone ranging from 2.52 to 2.54. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Support @2.44 from a trend line in the weekly time frame.
- Support @2.37 from a trend line in the daily time frame.
- Support @2.31 from a horizontal line in the daily time frame.
- A support zone ranging from 2.24 to 2.26. This zone is formed by a combination of multiple trend lines in multiple time frames.
When analyzing the resistance we notice 3 important areas.
- A resistance zone ranging from 2.62 to 2.63. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
- Resistance @2.75 from a horizontal line in the weekly time frame.
- Resistance @2.81 from a horizontal line 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 | 71.67 | POSITIVE | COV.CA has a high relative strength, it outperformed 71.67% 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) | DOWN | NEGATIVE | The current price of COV.CA is below a declining SMA(200). |
| Relative Strength Index/RSI (14) | 55.31 | NEUTRAL | The RSI value for COV.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.02 | POSITIVE | The MACD value suggests COV.CA has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 78.86 | NEUTRAL | The Stochastics value for COV.CA is a neutral value. |
| Average True Range in percent/ATR (20) | 3.18 | MEDIUM VOLATILITY | The ATR as a percentage value for COV.CA suggests some volalility. |
| Average Directional Index/ADX (14) | 14.33 | NEGATIVE | The low ADX value for COV.CA suggests a weak or negative 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)
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 2.64 | 2.51 | 0.13 (4.92%) | 20.31% |
| An entry @2.64. This is a Buy Stop order right above the resistance zone. | An exit @2.51. This is a Stop Loss order right below the support zone. | The worst case loss on the trade is limited to 0.13 points, which is 4.92%. | For a 1.00% total portfolio risk, you can invest 20.31% of your capital in this trade. |
- The distance between exit and entry is rather small compared to the average daily movement of COV. Please evaluate whether better entry and exit points can be found.
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
TSX-V:COV (7/16/2025, 7:00:00 PM)
2.61
-0.02 (-0.76%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorHealth Care
GICS IndustryBiotechnology
Performance
% Chg-0.76%
1 Week0%
2 Weeks6.97%
1 Month12.5%
3 Month13.48%
6 Month-17.41%
12 Month26.09%
2 Year48.3%
3 Year0%
5 Year143.93%
10 Year186.81%
15 Year1086.36%
Volatility
ATR(14)0.09
ATR(20)%3.18%
ATR Inc17.65%
Range Today0.04
ADR(20)0.08
ADR(20)%2.89%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS71.67
Mansfield-1.59
10 Day High2.75
10 Day Low2.5
20 Day High2.75
20 Day Low2.34
52 Week High4.3
52 Week Low2.06
CS1 End2.54
CR1 Start2.62
Volume & EV
DER(3)0%
DER(5)0%
Volume34.25K
Volume Incr296.74%
Vol(5)35.63K
Vol(50)13.19K