Canadian Tire Corporation, Limited Stock Forecast
Green day on Friday for Canadian Tire Corporation, Limited
(Updated on May 17, 2024)
The Canadian Tire Corporation, Limited stock price gained 1.92% on the last trading day (Friday, 17th May 2024), rising from $104.09 to $106.09. During the last trading day the stock fluctuated 7.90% from a day low at $98.79 to a day high of $106.59. The price has been going up and down for this period, and there has been a 7.99% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 175 more shares were traded than the day before. In total, 225 shares were bought and sold for approximately $23.87 thousand.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $106.41 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Canadian Tire Corporation, Limited stock with a 90% probability to be traded between $91.34 and $105.71 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. 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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CDNAF Signals & Forecast
The Canadian Tire Corporation, Limited 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 $105.61 and $98.99. 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). Canadian Tire Corporation, Limited 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. The very low volume increases the risk and reduces the other technical signals issued. 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 09, 2024, and so far it has fallen -0.371%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Canadian Tire Corporation, Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $99.99 and $98.91. 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, Canadian Tire Corporation, Limited finds support just below today's level at $99.99. If this is broken, then the next support from accumulated volume will be at $98.91 and $96.86.
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 $7.80 between high and low, or 7.90%. For the last week, the stock has had daily average volatility of 2.59%.
Our recommended stop-loss: $102.18 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (CDNAF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Canadian Tire Corporation, Limited to open at $103.82, and during the day (based on 14 day Average True Range), to move between $103.78 and $108.39, which gives a possible trading interval of +/-$2.30 (+/-2.17%) up or down from last closing price. If Canadian Tire Corporation, Limited takes out the full calculated possible swing range there will be an estimated 4.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $106.28 (0.18%) than the support at $99.99 (5.75%), 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 Canadian Tire Corporation, Limited stock A Buy?
Canadian Tire Corporation, Limited 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: 0.117 Hold/Accumulate Unchanged
Predicted Opening Price for Canadian Tire Corporation, Limited of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$103.82 ( 2.13%) | $106.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CDNAF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 111.62 | 5.22 % | |
R2 | 108.64 | 2.41 % | ||
R1 | 106.80 | 0.675 % | ||
Current price: | 106.09 | |||
Support | S1 | 100.84 | -4.94 % | |
S2 | 99.00 | -6.68 % | ||
S3 | 96.02 | -9.49 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 106.48 | 0.372 % | ||
R1 | 106.28 | 0.184 % | ||
Current price | 106.09 | |||
Support | S1 | 99.99 | -5.75% | |
S2 | 98.91 | -6.76% | ||
S3 | 96.86 | -8.70% |
CDNAF Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 31, 2024 | Jul 31, 2024 | Sep 01, 2024 | $0 | 0% |
2 | Apr 29, 2024 | Apr 29, 2024 | Jun 01, 2024 | $0 | 0% |
3 | Jan 30, 2024 | Jan 30, 2024 | Mar 01, 2024 | $0 | 0% |
4 | Jul 28, 2023 | Jul 28, 2023 | Sep 01, 2023 | $1.31 | 1.11% |
5 | Apr 27, 2023 | Apr 27, 2023 | Jun 01, 2023 | $1.27 | 1.04% |
FAQ
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