Brookfield Renewable Powerr Fund Stock Forecast
Brookfield Renewable Powerr Fund stock price ended on $31.51 on Friday after gaining 0.96%
(Updated on Mar 31, 2023)
The Brookfield Renewable Powerr Fund stock price gained 0.96% on the last trading day (Friday, 31st Mar 2023), rising from $31.21 to $31.51. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.10% from a day low at $30.95 to a day high of $31.60. The price has risen in 8 of the last 10 days and is up by 8.28% over the past 2 weeks. Volume fell on the last day by -21 thousand shares and in total, 324 thousand shares were bought and sold for approximately $10.22 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.
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The stock has broken the wide and 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 $31.01, a level that may pose a second chance to hit a runner. According to fan-theory $35.31 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
BEP Signals & Forecast
The Brookfield Renewable Powerr Fund 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 $30.23 and $28.27. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 01, 2023, and so far it has risen 20.96%. 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 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.
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Support, Risk & Stop-loss for Brookfield Renewable Powerr Fund stock
On the downside, the stock finds support just below today's level from accumulated volume at $29.10 and $28.80. 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, Brookfield Renewable Powerr Fund finds support just below today's level at $29.10. If this is broken, then the next support from accumulated volume will be at $28.80 and $27.86.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.650 between high and low, or 2.10%. For the last week, the stock has had daily average volatility of 2.09%.
The Brookfield Renewable Powerr Fund stock is extremely overbought on RSI14 (81). 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. Since the Brookfield Renewable Powerr Fund has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $30.24 (-4.04%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (BEP) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Brookfield Renewable Powerr Fund to open at $31.35, and during the day (based on 14 day Average True Range), to move between $30.77 and $32.25, which gives a possible trading interval of +/-$0.740 (+/-2.35%) up or down from last closing price. If Brookfield Renewable Powerr Fund takes out the full calculated possible swing range there will be an estimated 4.70% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $29.10, some $2.41 (7.65%) from the current price of $31.51, our system finds the risk reward attractive.
Is Brookfield Renewable Powerr Fund stock A Buy?
Brookfield Renewable Powerr Fund 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.
Current score: 0.000 Open Broker Account
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.Hold/Accumulate Unchanged
Predicted Opening Price for Brookfield Renewable Powerr Fund of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price April 3, 2023||Current price|
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Trading levels for BEP
Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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About Brookfield Renewable Powerr Fund
Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. Its portfolio consists of approximately 21,000 megawatts of installed capacity. Brookfield Renewable Partners Limited operates as the genera... BEP Profile
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