Bank of Montreal Stock Forecast
Green day on Thursday for Bank of Montreal
(Updated on May 23, 2024)
The Bank of Montreal stock price gained 0.410% on the last trading day (Thursday, 23rd May 2024), rising from $129.34 to $129.87. During the last trading day the stock fluctuated 1.07% from a day low at $128.96 to a day high of $130.34. The price has risen in 7 of the last 10 days and is up by 1.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $389.08 million.
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 Bank of Montreal stock with a 90% probability to be traded between $124.75 and $135.93 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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BMO.TO Signals & Forecast
Mostly positive signals in the chart today. The Bank of Montreal 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 $129.31 and $127.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 5.65%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Bank of Montreal stock
Bank of Montreal finds support from accumulated volume at $127.36 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 $1.38 between high and low, or 1.07%. For the last week the stock has had daily average volatility of 1.11%.
Our recommended stop-loss: $124.47 (-4.16%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (BMO.TO) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect Bank of Montreal to open at $129.72, and during the day (based on 14 day Average True Range), to move between $128.29 and $131.45, which gives a possible trading interval of +/-$1.58 (+/-1.21%) up or down from last closing price. If Bank of Montreal takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $130.35 (0.37%) than the support at $127.36 (1.93%), 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.
Earnings coming up
Bank of Montreal will release earnings BMO on Wednesday, May 29, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.77. We will update the financials statements for Bank of Montreal, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.59% in the first trading day after earnings release.
Is Bank of Montreal 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 Bank of Montreal stock to perform well in the short-term period.
Current score: 3.387 Buy Candidate Unchanged
Predicted Opening Price for Bank of Montreal of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| $129.72 ( 0.113%) | $129.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BMO.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 131.10 | 0.95 % | |
| R2 | 130.58 | 0.544 % | ||
| R1 | 130.25 | 0.293 % | ||
| Current price: | 129.87 | |||
| Support | S1 | 129.20 | -0.519 % | |
| S2 | 128.87 | -0.770 % | ||
| S3 | 128.34 | -1.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 130.92 | 0.81 % | |
| R2 | 130.72 | 0.655 % | ||
| R1 | 130.35 | 0.370 % | ||
| Current price | 129.87 | |||
| Support | S1 | 127.36 | -1.93% | |
| S2 | 127.11 | -2.13% | ||
| S3 | 122.31 | -5.82% |
BMO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 27, 2024 | Apr 29, 2024 | May 28, 2024 | $1.51 | 1.16% |
| 2 | Feb 27, 2024 | Apr 26, 2024 | May 28, 2024 | $1.51 | 1.16% |
| 3 | Dec 01, 2023 | Jan 30, 2024 | Feb 27, 2024 | $1.51 | 1.23% |
| 4 | Dec 01, 2023 | Jan 29, 2024 | Feb 27, 2024 | $1.51 | 1.23% |
| 5 | Oct 27, 2023 | Oct 27, 2023 | Nov 28, 2023 | $1.47 | 1.36% |
FAQ
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