Fortis Inc Stock Forecast

Stronger technical forecast for Fortis Inc stock price after Wednesday trading.
(Updated on May 08, 2024)

FTS Signals & Forecast

Mostly positive signals in the chart today. The Fortis Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $39.89 and $39.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 8.80%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Fortis Inc stock

Fortis Inc finds support from accumulated volume at $39.36 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.570 (1.42%) between high and low. For the last week, the stock has had daily average volatility of 1.10%.

The Fortis Inc stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs. Since the Fortis Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $38.75 (-4.12%) (This stock has low daily movements and this gives low risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (FTS) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Fortis Inc to open at $40.37, and during the day (based on 14 day Average True Range), to move between $39.86 and $40.96, which gives a possible trading interval of +/-$0.546 (+/-1.35%) up or down from last closing price. If Fortis Inc takes out the full calculated possible swing range there will be an estimated 2.70% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $39.36, some $1.05 (2.60%) from the current price of $40.41, our system finds the risk reward attractive.

Is Fortis Inc stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Fortis Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.630 Buy Candidate Upgraded

Predicted Opening Price for Fortis Inc of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.