Convenience store business Casey's General Stores is based in the United States and has locations in 16 states in the Midwest and South. On Tuesday, March 7, the company is scheduled to disclose its results forecast, which will give information about how financially the company performed during the previous three months. Recent market indicators, however, indicate that the stock may be destined for a decline.
On February 2, 2023, the Momentum Indicator for Casey's General Stores (CASY) moved below the 0 level. This is a technical indicator that is often used by traders to identify shifts in momentum and potential trend changes. When the Momentum Indicator moves below 0, it can indicate that the stock is shifting into a new downward move.
Traders who follow technical analysis may want to consider selling the stock or exploring put options in anticipation of a potential decline. According to Tickeron's A.I.dvisor, a market analysis platform that uses artificial intelligence to predict market trends, there have been 89 similar instances where the Momentum Indicator turned negative for CASY. In 45 of those cases, the stock moved further down in the following days. This gives the odds of a decline at 51%.
It's also important to note that the upcoming earnings forecast for Casey's General Stores could impact the stock's price, regardless of the Momentum Indicator. If the company reports strong earnings, investors may be more likely to buy the stock, even if technical indicators suggest a potential decline.