Cannabix Technologies Inc Stock Forecast

Stronger technical forecast for Cannabix Technologies Inc stock price after Tuesday trading.
(Updated on May 28, 2024)

BLOZF 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 $0.538 and $0.347. 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). Cannabix Technologies Inc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, May 16, 2024, and so far it has fallen -2.90%. Further fall is indicated until a new bottom pivot has been found.

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 $0.530 and $0.524. 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 $0.530. If this is broken, then the next support from accumulated volume will be at $0.524 and $0.470.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0409 between high and low, or 7.37%. For the last week, the stock has had daily average volatility of 7.18%.

Our recommended stop-loss: $0.566 (-3.46%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 20 days ago.)

Trading Expectations (BLOZF) For The Upcoming Trading Day Of Wednesday 29th

For the upcoming trading day on Wednesday, 29th we expect Cannabix Technologies Inc to open at $0.579, and during the day (based on 14 day Average True Range), to move between $0.530 and $0.642, which gives a possible trading interval of +/-$0.0560 (+/-9.56%) up or down from last closing price. If Cannabix Technologies Inc takes out the full calculated possible swing range there will be an estimated 19.13% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.604 (2.99%) than the support at $0.530 (9.56%), 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 Cannabix Technologies Inc stock A Buy?

Cannabix Technologies Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.631 Strong Buy Candidate Upgraded

Predicted Opening Price for Cannabix Technologies Inc of Wednesday, May 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.