Fortis Inc Stock Forecast
Fortis Inc stock price up 1.53% on Thursday
(Updated on May 09, 2024)
The Fortis Inc stock price gained 1.53% on the last trading day (Thursday, 9th May 2024), rising from $40.41 to $41.03. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.88% from a day low at $40.39 to a day high of $41.15. The price has risen in 8 of the last 10 days and is up by 4.35% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 111 thousand more shares were traded than the day before. In total, 471 thousand shares were bought and sold for approximately $19.32 million.
Given the current horizontal trend, you can expect Fortis Inc stock with a 90% probability to be traded between $37.23 and $41.10 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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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 $40.13 and $39.10. 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 10.47%. 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 is rising along with the price. This is considered to be a good technical signal.
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 $0.760 (1.88%) between high and low. For the last week, the stock has had daily average volatility of 1.29%.
The Fortis Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but 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 7 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: $39.11 (-4.67%) (This stock has low daily movements and this gives low risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (FTS) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Fortis Inc to open at $40.86, and during the day (based on 14 day Average True Range), to move between $40.47 and $41.59, which gives a possible trading interval of +/-$0.561 (+/-1.37%) up or down from last closing price. If Fortis Inc takes out the full calculated possible swing range there will be an estimated 2.73% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $39.36, some $1.67 (4.07%) from the current price of $41.03, 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.
Current score: 3.820 Buy Candidate Unchanged
Predicted Opening Price for Fortis Inc of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $40.86 ( 0.422%) | $41.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FTS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.62 | 1.43 % | |
| R2 | 41.33 | 0.722 % | ||
| R1 | 41.15 | 0.285 % | ||
| Current price: | 41.03 | |||
| Support | S1 | 40.57 | -1.13 % | |
| S2 | 40.39 | -1.57 % | ||
| S3 | 40.10 | -2.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 41.03 | |||
| Support | S1 | 39.36 | -4.07% | |
| S2 | 39.13 | -4.63% | ||
| S3 | 38.56 | -6.02% |
FTS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 12, 2024 | May 16, 2024 | Jun 01, 2024 | $0.438 | 1.07% |
| 2 | Dec 08, 2023 | Feb 15, 2024 | Mar 01, 2024 | $0.435 | 1.13% |
| 3 | Sep 19, 2023 | Nov 16, 2023 | Dec 01, 2023 | $0.440 | 1.08% |
| 4 | Aug 01, 2023 | Aug 18, 2023 | Sep 01, 2023 | $0.427 | 1.09% |
| 5 | Feb 09, 2023 | May 16, 2023 | Jun 01, 2023 | $0.420 | 0.99% |
FAQ
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