Cannabix Technologies Inc. Stock Forecast
High volatility in Cannabix Technologies Inc. stock price on Friday which ended trading at $0.510
(Updated on May 10, 2024)
The Cannabix Technologies Inc. stock price gained 8.51% on the last trading day (Friday, 10th May 2024), rising from $0.470 to $0.510. During the last trading day the stock fluctuated 11.83% from a day low at $0.465 to a day high of $0.520. The price has risen in 6 of the last 10 days and is up by 9.68% over the past 2 weeks. Volume fell on the last day by -44 thousand shares and in total, 36 thousand shares were bought and sold for approximately $18.11 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 middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 71.45% during the next 3 months and, with a 90% probability hold a price between $0.534 and $1.09 at the end of this 3-month period.
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BLO.CN Signals & Forecast
The Cannabix Technologies 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 $0.470 and $0.326. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -13.56%. Further fall is indicated until a new bottom pivot has been found. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Cannabix Technologies Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.465 and $0.445. 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, Cannabix Technologies Inc. finds support just below today's level at $0.465. If this is broken, then the next support from accumulated volume will be at $0.445 and $0.410.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0550 between high and low, or 11.83%. For the last week the stock has had daily average volatility of 8.87%.
Our recommended stop-loss: $0.483 (-5.28%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (BLO.CN) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Cannabix Technologies Inc. to open at $0.498, and during the day (based on 14 day Average True Range), to move between $0.452 and $0.568, which gives a possible trading interval of +/-$0.0579 (+/-11.36%) up or down from last closing price. If Cannabix Technologies Inc. takes out the full calculated possible swing range there will be an estimated 22.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.465 (8.82%) than the resistance at $0.590 (15.69%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cannabix Technologies Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cannabix Technologies Inc. stock to perform well in the short-term.
Current score: 3.986 Buy Candidate Unchanged
Predicted Opening Price for Cannabix Technologies Inc. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.498 ( 2.29%) | $0.510 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BLO.CN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.553 | 8.50 % | |
| R2 | 0.532 | 4.38 % | ||
| R1 | 0.519 | 1.83 % | ||
| Current price: | 0.510 | |||
| Support | S1 | 0.477 | -6.41 % | |
| S2 | 0.464 | -8.95 % | ||
| S3 | 0.443 | -13.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.590 | 15.69 % | ||
| Current price | 0.510 | |||
| Support | S1 | 0.465 | -8.82% | |
| S2 | 0.445 | -12.75% | ||
| S3 | 0.410 | -19.61% |
FAQ
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