Air Canada Inc Stock Forecast
Air Canada Inc stock upgraded to Hold/Accumulate.
(Updated on May 06, 2024)
The Air Canada Inc stock price gained 0.292% on the last trading day (Monday, 6th May 2024), rising from $13.72 to $13.76. During the last trading day the stock fluctuated 1.39% from a day low at $13.67 to a day high of $13.86. The price has risen in 8 of the last 10 days but is still down by -5.28% for this period. Volume fell on the last day by -6 thousand shares and in total, 38 thousand shares were bought and sold for approximately $516.44 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $13.54 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 7.49% during the next 3 months and, with a 90% probability hold a price between $14.56 and $16.38 at the end of this 3-month period.
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ACDVF Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 0.438%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Air Canada Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $14.31 and $14.21. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
A sell signal from a double top formation was found on Wednesday, May 01, 2024 and based on theory for this formation the price should fall by -15.26% to $11.66 within 22 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for Air Canada Inc stock
Air Canada Inc finds support from accumulated volume at $13.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.190 between high and low, or 1.39%. For the last week the stock has had daily average volatility of 2.17%.
Our recommended stop-loss: $13.05 (-5.18%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (ACDVF) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Air Canada Inc to open at $13.76, and during the day (based on 14 day Average True Range), to move between $13.40 and $14.12, which gives a possible trading interval of +/-$0.357 (+/-2.60%) up or down from last closing price. If Air Canada Inc takes out the full calculated possible swing range there will be an estimated 5.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $13.70 (0.44%) than the resistance at $13.87 (0.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Air Canada Inc stock A Buy?
Air Canada Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.887 Hold/Accumulate Upgraded
Predicted Opening Price for Air Canada Inc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $13.76 ( 0.0242%) | $13.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACDVF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.95 | 1.41 % | |
| R2 | 13.88 | 0.88 % | ||
| R1 | 13.84 | 0.552 % | ||
| Current price: | 13.76 | |||
| Support | S1 | 13.69 | -0.503 % | |
| S2 | 13.65 | -0.83 % | ||
| S3 | 13.57 | -1.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.30 | 3.92 % | |
| R2 | 14.03 | 1.96 % | ||
| R1 | 13.87 | 0.799 % | ||
| Current price | 13.76 | |||
| Support | S1 | 13.70 | -0.436% | |
| S2 | 13.54 | -1.60% | ||
| S3 | 13.26 | -3.63% |
FAQ
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