Cogeco Communications Inc. Stock Forecast
Cogeco Communications Inc. stock downgraded to Sell Candidate
(Updated on May 17, 2024)
The Cogeco Communications Inc. stock price fell by -0.706% on the last day (Friday, 17th May 2024) from $56.62 to $56.22. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.33% from a day low at $55.75 to a day high of $56.49. The price has been going up and down for this period, and there has been a 1.44% gain for the last 2 weeks. Volume has increased on the last day by 5 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 31 thousand shares were bought and sold for approximately $1.75 million.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $56.69 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -10.07% during the next 3 months and, with a 90% probability hold a price between $47.44 and $50.98 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CCA.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 3.55%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cogeco Communications Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $56.78 and $56.33. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Cogeco Communications Inc. stock
Cogeco Communications Inc. finds support from accumulated volume at $55.97 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 $0.740 between high and low, or 1.33%. For the last week the stock has had daily average volatility of 1.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CCA.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Cogeco Communications Inc. to open at $56.15, and during the day (based on 14 day Average True Range), to move between $55.28 and $57.16, which gives a possible trading interval of +/-$0.94 (+/-1.67%) up or down from last closing price. If Cogeco Communications Inc. takes out the full calculated possible swing range there will be an estimated 3.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $55.97 (0.44%) than the resistance at $57.20 (1.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cogeco Communications Inc. stock A Buy?
Cogeco Communications Inc. holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.002 Sell Candidate Downgraded
Predicted Opening Price for Cogeco Communications Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $56.15 ( 0.119%) | $56.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CCA.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.89 | 1.20 % | |
| R2 | 56.61 | 0.695 % | ||
| R1 | 56.44 | 0.384 % | ||
| Current price: | 56.22 | |||
| Support | S1 | 55.87 | -0.621 % | |
| S2 | 55.70 | -0.93 % | ||
| S3 | 55.41 | -1.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.17 | 8.80 % | |
| R2 | 60.53 | 7.67 % | ||
| R1 | 57.20 | 1.74 % | ||
| Current price | 56.22 | |||
| Support | S1 | 55.97 | -0.445% | |
| S2 | 54.57 | -2.93% | ||
| S3 | 54.33 | -3.36% |
CCA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 24, 2024 | Apr 24, 2024 | May 09, 2024 | $0.85 | 1.50% |
| 2 | Jan 11, 2024 | Jan 23, 2024 | Feb 07, 2024 | $0.85 | 1.39% |
| 3 | Nov 02, 2023 | Nov 14, 2023 | Nov 29, 2023 | $0.85 | 1.64% |
| 4 | Jul 14, 2023 | Jul 26, 2023 | Aug 10, 2023 | $0.776 | 1.17% |
| 5 | Apr 26, 2023 | Apr 26, 2023 | Aug 10, 2023 | $0.776 | 1.17% |
FAQ
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