Is can a good day trade | AIME by AInvest

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Is can a good day trade

6/30/2024 11:20pm

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Canaan Inc. (CAN) does not appear to be a promising candidate for day trading. Here's why:

Recent Price Volatility and Trading Volume: On June 28, 2024, Canaan's stock experienced a significant price drop of 19.98% with a trading volume of 129.97 million shares¹. This high volatility and trading volume suggest that the stock is currently under a lot of selling pressure, which could be indicative of market uncertainty or negative sentiment towards the stock.

trading volume(3571)

percentage change(3549)

trading volume;percentage change(3549)

last-price	last-change%	Trading Volume(Share)2024.06.28	Percentage Change%2024.06.28
8.28	1.85%	155.73M	1.85
544.22	-0.39%	76.14M	-0.39
9.20	0.44%	56.00M	0.44
55.36	2.90%	55.58M	2.90
91.78	-1.86%	55.12M	-1.86
73.82	-1.57%	53.90M	-1.57
22.68	-2.66%	46.46M	-2.66
2.21	0.45%	35.99M	0.45
202.89	0.41%	35.03M	0.41
77.14	-0.25%	34.95M	-0.25

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Moving Averages and Technical Indicators:
- The stock is currently trading below its 50-day and 20-day moving averages²³, which is typically considered a bearish signal as it suggests that the stock's short-term and medium-term trends are downward.
- The Bollinger Bands show a relatively tight squeeze, indicating that the stock's price is currently range-bound and not exhibiting significant volatility⁴.
- The stock's resistance level is at $1.11, and the support level is at $0.99⁵, which is quite close, suggesting a narrow trading range.

support level(6185)

resistance level(6185)

bollinger upper band(10764)

support level ; resistance level ; bollinger upper band(6165)

last-price	last-change%	Support Level (Narrow)2024.06.28	Resistance Level (Narrow)2024.06.28	bollinger upper band2024.06.28
612.24K	-0.45%	612.85K	622.95K	628.26K
7.59K	-0.89%	7.54K	7.67K	7.74K
3.96K	-1.19%	3.80K	3.98K	4.07K
3.16K	0.92%	3.06K	3.23K	3.32K
2.96K	0.29%	2.78K	2.96K	3.05K
1.82K	2.80%	1.74K	1.81K	1.85K
1.68K	0.25%	1.64K	1.69K	1.71K
62.65	0.38%	1.61K	3.86K	67.75
1.64K	-1.05%	1.57K	1.66K	1.71K
1.58K	-0.22%	1.56K	1.61K	1.63K

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Market Sentiment and Analysis:
- Technical analyses indicate that the stock is in a downtrend, with recent alerts suggesting bearish signals such as falling below key moving averages⁶.
- The stock has been volatile, with recent fluctuations of up to 24.04% in a single day⁷, which could be too unpredictable for day trading, which typically requires more stable and predictable price movements.
- There is a potential upside of 11.7% as indicated by technical analysis lookup⁸, but this should be weighed against the recent negative sentiment and potential legal investigations⁹.
Investigations and Legal Risks: The stock is under investigation by the Schall Law Firm for potential violations of securities laws⁹. This kind of legal uncertainty can further contribute to market volatility and risk.

In conclusion, given the current technical indicators, recent price volatility, and legal risks, Canaan Inc. does not appear to be a favorable candidate for day trading. It is important to note that day trading decisions should always be based on a comprehensive analysis of technical and fundamental factors, including the stock's liquidity, volatility, and overall market conditions.

Source:

1. CAN Trading Volume, Percentage Change

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