Chemung Financial Technical Analysis (NASDAQ:CHMG)
Technical analysis relies on the belief that future price movements of a stock can be forecasted through the study of historical market data and technical charts. Just by looking at the Chemung Financial stock price one can't take a trading decision. A trader needs to find a chart pattern, which is a clear cut pattern formation on the CHMG stock chart which creates a trading signal.
View technical indicators like moving averages (SMA and EMA), and bollinger bands for Chemung Financial. Technical analysis essentially tries to study the supply and demand for a particular security and determine the stock trends for that security. Chartists use stock price movements for this form of Chemung Financial stock analysis.
Chemung Financial Moving Average:
CHMG stock price movements can be forecasted by using triggers based on moving averages, which are also some of the simplest technical indicators. The way the averages are calculated in each of the 2 popular cases, that is SMA and EMA varies, however the interpretation of Chemung Financial chart patterns after the calculations remain the same. The 100 day moving average of 17.33 is below the last closing price of 31.94. A key factor that impacts moving averages is the lag factor. The 20 day moving average of $19.31 is below the price of $31.94.
Chemung Financial Bollinger Bands:
Bollinger bands comprise of a center line usually CHMG SMA, and two CHMG stock price bands above and below it. The stock is considered over brought when the price starts moving closer towards the upper band, and is considered oversold as stock price moves closer towards the lower band. The stock price is trading between the average and the upper band in the context of Chemung Financial bollinger bands.
Chemung Financial Moving Average Convergence Divergence or MACD:
The moving average convergence divergence or MACD is a technical indicator which helps assess the stock price trend. Traders usually wait for a confirmed crossover signal before entering into a trading position. Divergence implies that the current stock price trend could come to an end, when the stock price diverges from MACD. The Chemung Financial MACD indicator is below 0 indicating a bearish trend.
Chemung Financial Relative Strength Index:
The RSI is a valuable tool to determine overbought / oversold stocks and measures the recent performance of a stock in relation to its own stock price history. If the RSI of CHMG stock goes above 70 it could indicate an overbought condition, and if it goes below 30 it could signal an oversold position. .