As this happened, BofA Securities downgraded its Cia Energetica DE Minas Gerais – Cemig ADR [CIG] rating to a Neutral from a a Buy in a research note published recently. A number of analysts have revised their coverage, including HSBC Securities’s analysts, who increased its forecast for the stock in early November from “a Hold” to “a Buy”. BofA Securities also remained covering CIG and has increased its forecast on September 20, 2023 with a “Buy” recommendation from previously “Neutral” rating. Goldman started covering the stock on November 14, 2019. It rated CIG as “a Buy”.
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Price Performance Review of CIG
On Tuesday, Cia Energetica DE Minas Gerais – Cemig ADR [NYSE:CIG] saw its stock fall -1.49% to $1.99. Over the last five days, the stock has lost -3.86%. Cia Energetica DE Minas Gerais – Cemig ADR shares have risen nearly 19.68% since the year began. Nevertheless, the stocks have risen 26.43% over the past one year. While a 52-week high of $2.15 was reached on 08/23/24, a 52-week low of $1.44 was recorded on 02/13/24. SMA at 50 days reached $2.04, while 200 days put it at $1.90.
Levels Of Support And Resistance For CIG Stock
The 24-hour chart illustrates a support level at 1.98, which if violated will result in even more drops to 1.96. On the upside, there is a resistance level at 2.01. A further resistance level may holdings at 2.02. The Relative Strength Index (RSI) on the 14-day chart is 40.34, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.04, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 94.12%. Stochastics %K at 13.07% indicates the stock is a buying.
How much short interest is there in Cia Energetica DE Minas Gerais – Cemig ADR?
A steep rise in short interest was recorded in Cia Energetica DE Minas Gerais – Cemig ADR stocks on 2024-09-13, dropping by -0.85 million shares to a total of 5.04 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 5.88 million shares. There was a decline of -16.83%, which implies that there is a negative sentiment for the stock.
