CANON INC. Stock Forecast
CANON INC. stock price up 0.0225% on Wednesday
(Updated on Apr 24, 2024)
The CANON INC. stock price gained 0.0225% on the last trading day (Wednesday, 24th Apr 2024), rising from JP¥4,439.00 to JP¥4,440.00. 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 1.82% from a day low at JP¥4,404.00 to a day high of JP¥4,484.00. The price has been going up and down for this period, and there has been a 0.14% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately JP¥20.68 billion.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at JP¥4,335.34 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 13.44% during the next 3 months and, with a 90% probability hold a price between JP¥4,918.06 and JP¥5,561.72 at the end of this 3-month period.
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7751.T Signals & Forecast
There are mixed signals in the stock today. The CANON INC. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at JP¥4,447.77. On a fall, the stock will find some support from the short-term average at JP¥4,408.14. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -3.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell 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 CANON INC. stock
On the downside, the stock finds support just below today's level from accumulated volume at JP¥4,202.00 and JP¥4,080.00. 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, CANON INC. finds support just below today's level at JP¥4,202.00. If this is broken, then the next support from accumulated volume will be at JP¥4,080.00 and JP¥4,034.00.
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 JP¥80.00 between high and low, or 1.82%. For the last week the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (7751.T) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect CANON INC. to open at JP¥4,442.67, and during the day (based on 14 day Average True Range), to move between JP¥4,366.82 and JP¥4,513.18, which gives a possible trading interval of +/-JP¥73.18 (+/-1.65%) up or down from last closing price. If CANON INC. takes out the full calculated possible swing range there will be an estimated 3.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at JP¥4,464.00 (0.54%) than the support at JP¥4,202.00 (5.36%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is CANON INC. stock A Buy?
CANON INC. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.217 Sell Candidate Unchanged
Predicted Opening Price for CANON INC. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| JP¥4,442.67 ( 0.0601%) | JP¥4,440.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 7751.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,522.67 | 1.86 % | |
| R2 | 4,492.11 | 1.17 % | ||
| R1 | 4,473.23 | 0.748 % | ||
| Current price: | 4,440.00 | |||
| Support | S1 | 4,412.11 | -0.628 % | |
| S2 | 4,393.23 | -1.05 % | ||
| S3 | 4,362.67 | -1.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,598.00 | 3.56 % | |
| R2 | 4,501.00 | 1.37 % | ||
| R1 | 4,464.00 | 0.541 % | ||
| Current price | 4,440.00 | |||
| Support | S1 | 4,202.00 | -5.36% | |
| S2 | 4,080.00 | -8.11% | ||
| S3 | 4,034.00 | -9.14% |
7751 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 27, 2024 | Jun 27, 2024 | Jun 27, 2024 | JP¥0 | 0% |
| 2 | Dec 28, 2023 | Dec 28, 2023 | Dec 28, 2023 | JP¥0 | 0% |
| 3 | Jun 29, 2023 | Jun 29, 2023 | Jun 29, 2023 | JP¥70.00 | 1.83% |
| 4 | Dec 29, 2022 | Dec 29, 2022 | Dec 29, 2022 | JP¥60.00 | 2.10% |
| 5 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | JP¥60.00 | 1.92% |
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