Allete Inc Stock Forecast
Allete Inc stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Allete Inc stock price fell by -0.756% on the last day (Tuesday, 2nd Jul 2024) from $62.14 to $61.67. It has now fallen 7 days in a row. During the last trading day the stock fluctuated 1.12% from a day low at $61.51 to a day high of $62.20. The price has fallen in 9 of the last 10 days and is down by -2.25% for this period. Volume has increased on the last day by 23 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 560 thousand shares were bought and sold for approximately $34.53 million.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $61.28 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 7.25% during the next 3 months and, with a 90% probability hold a price between $65.73 and $72.07 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ALE Signals & Forecast
There are few to no technical positive signals at the moment. The Allete Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $62.37 and $62.86. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -4.05%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Allete Inc stock
Allete Inc finds support from accumulated volume at $59.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.690 between high and low, or 1.12%. For the last week the stock has had daily average volatility of 0.81%.
Allete Inc is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: $58.14 (-5.72%) (This stock has low daily movements and this gives low risk. Low RSI14 is 14 which reduces the risk some. There is a sell signal from a pivot top found 53 days ago.)
Trading Expectations (ALE) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Allete Inc to open at $61.79, and during the day (based on 14 day Average True Range), to move between $61.13 and $62.21, which gives a possible trading interval of +/-$0.544 (+/-0.88%) up or down from last closing price. If Allete Inc takes out the full calculated possible swing range there will be an estimated 1.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $62.93 (2.04%) than the support at $59.96 (2.77%), 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 Allete Inc stock A Buy?
Allete 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: -0.228 Hold/Accumulate Upgraded
Predicted Opening Price for Allete Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $61.79 ( 0.200%) | $61.67 |
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 | |
|---|---|---|
| R3 | 62.48 | 1.32% |
| R2 | 62.22 | 0.89% |
| R1 | 62.06 | 0.627% |
| Price | 61.67 | |
| S1 | 61.53 | -0.227% |
| S2 | 61.37 | -0.491% |
| S3 | 61.10 | -0.92% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 63.10 | 2.32% |
| R2 | 63.01 | 2.17% |
| R1 | 62.93 | 2.04% |
| Price | 61.67 | |
| S1 | 59.96 | -2.77% |
| S2 | 59.40 | -3.68% |
| S3 | 59.31 | -3.83% |
ALE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 14, 2024 | Jun 01, 2024 | $0.705 | 1.12% |
| 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
Click here for our free guide on how to buy Allete Inc Stock.
