Allete Inc Stock Forecast
Allete Inc stock price up more than 5.64% on Friday
(Updated on May 03, 2024)
The Allete Inc stock price gained 5.64% on the last trading day (Friday, 3rd May 2024), rising from $60.84 to $64.27. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.48% from a day low at $61.85 to a day high of $65.86. The price has risen in 6 of the last 10 days and is up by 7.64% 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, 1 million more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $93.63 million.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $61.59, a level that may pose a second chance to hit a runner. According to fan-theory $65.16 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ALE Signals & Forecast
The Allete 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 $60.38 and $59.22. 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 11.97%. 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. The stock had a Golden Star Signal on Monday, March 18, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Monday, March 18, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Allete Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $58.33 and $57.87. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Allete Inc finds support just below today's level at $58.33. If this is broken, then the next support from accumulated volume will be at $57.87 and $57.75.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.01 between high and low, or 6.48%. For the last week the stock has had daily average volatility of 2.49%.
The Allete Inc stock is extremely overbought on RSI14 (83). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $61.91 (-3.66%) (This stock has low daily movements and this gives low risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (ALE) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Allete Inc to open at $63.99, and during the day (based on 14 day Average True Range), to move between $62.99 and $65.55, which gives a possible trading interval of +/-$1.28 (+/-1.99%) up or down from last closing price. If Allete Inc takes out the full calculated possible swing range there will be an estimated 3.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $58.33, some $5.94 (9.24%) from the current price of $64.27, our system finds the risk reward attractive.
Earnings coming up
Allete Inc will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.09. We will update the financials statements for Allete Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.09% in the first trading day after earnings release.
Is Allete Inc stock A Buy?
Allete Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Allete Inc of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$63.99 ( 0.430%) | $64.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 68.00 | 5.81 % | |
R2 | 66.47 | 3.43 % | ||
R1 | 65.53 | 1.95 % | ||
Current price: | 64.27 | |||
Support | S1 | 62.46 | -2.81 % | |
S2 | 61.52 | -4.29 % | ||
S3 | 59.98 | -6.67 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 64.27 | |||
Support | S1 | 58.33 | -9.24% | |
S2 | 57.87 | -9.96% | ||
S3 | 57.75 | -10.14% |
ALE Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 14, 2024 | May 14, 2024 | May 14, 2024 | $0 | 0% |
2 | Jan 26, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.705 | 1.25% |
3 | Nov 14, 2023 | Nov 14, 2023 | Dec 01, 2023 | $0.678 | 1.21% |
4 | Jul 31, 2023 | Aug 14, 2023 | Sep 01, 2023 | $0.678 | 1.23% |
5 | Apr 27, 2023 | May 12, 2023 | Jun 01, 2023 | $0.678 | 1.17% |
FAQ
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