Allete Inc Stock Forecast
Allete Inc stock price up 0.268% on Wednesday
(Updated on Apr 24, 2024)
The Allete Inc stock price gained 0.268% on the last trading day (Wednesday, 24th Apr 2024), rising from $59.80 to $59.96. During the last trading day the stock fluctuated 1.35% from a day low at $59.17 to a day high of $59.97. The price has risen in 6 of the last 10 days and is up by 1.89% over the past 2 weeks. Volume fell on the last day by -65 thousand shares and in total, 155 thousand shares were bought and sold for approximately $9.32 million. 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 is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Allete Inc stock with a 90% probability to be traded between $57.57 and $61.85 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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ALE Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen 0%. 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). 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 $59.03 and $58.68. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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
Allete Inc finds support from accumulated volume at $58.33 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 $0.800 between high and low, or 1.35%. For the last week the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: $57.91 (-3.42%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (ALE) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Allete Inc to open at $59.70, and during the day (based on 14 day Average True Range), to move between $58.92 and $61.00, which gives a possible trading interval of +/-$1.04 (+/-1.74%) up or down from last closing price. If Allete Inc takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $60.06 (0.17%) than the support at $58.33 (2.72%), 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?
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 Allete Inc stock to perform well in the short-term period.
Current score: 3.112 Buy Candidate Unchanged
Predicted Opening Price for Allete Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $59.70 ( 0.434%) | $59.96 |
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 | 60.50 | 0.90 % | |
| R2 | 60.19 | 0.391 % | ||
| R1 | 60.01 | 0.0761 % | ||
| Current price: | 59.96 | |||
| Support | S1 | 59.39 | -0.94 % | |
| S2 | 59.21 | -1.26 % | ||
| S3 | 58.90 | -1.77 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 60.73 | 1.28 % | |
| R2 | 60.44 | 0.80 % | ||
| R1 | 60.06 | 0.167 % | ||
| Current price | 59.96 | |||
| Support | S1 | 58.33 | -2.72% | |
| S2 | 57.87 | -3.49% | ||
| S3 | 57.75 | -3.69% |
ALE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 26, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.705 | 1.25% |
| 2 | Nov 14, 2023 | Nov 14, 2023 | Dec 01, 2023 | $0.678 | 1.21% |
| 3 | Jul 31, 2023 | Aug 14, 2023 | Sep 01, 2023 | $0.678 | 1.23% |
| 4 | Apr 27, 2023 | May 12, 2023 | Jun 01, 2023 | $0.678 | 1.17% |
| 5 | Feb 03, 2023 | Feb 14, 2023 | Mar 01, 2023 | $0.678 | 1.11% |
FAQ
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