Canadian Tire Corporation, Limited Stock Forecast
Red day on Friday for Canadian Tire Corporation, Limited
(Updated on Jun 14, 2024)
The Canadian Tire Corporation, Limited stock price fell by -2.65% on the last day (Friday, 14th Jun 2024) from $100.97 to $98.29. During the last trading day the stock fluctuated 0% from a day low at $98.29 to a day high of $98.29. The price has been going up and down for this period, and there has been a 0.18% gain for the last 2 weeks. Volume has increased on the last day by 50 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, 50 shares were bought and sold for approximately $4.91 thousand.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $98.00 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 5.26% during the next 3 months and, with a 90% probability hold a price between $103.15 and $114.35 at the end of this 3-month period.
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CDNAF Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 1.28%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Canadian Tire Corporation, Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $100.70 and $101.11. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Canadian Tire Corporation, Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Canadian Tire Corporation, Limited stock
Canadian Tire Corporation, Limited finds support from accumulated volume at $97.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0 (0%) between high and low. For the last week, the stock has had daily average volatility of 0%.
Our recommended stop-loss: $93.36 (-5.01%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (CDNAF) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect Canadian Tire Corporation, Limited to open at $98.29, and during the day (based on 14 day Average True Range), to move between $96.77 and $99.81, which gives a possible trading interval of +/-$1.52 (+/-1.55%) 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 3.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $98.50 (0.21%) than the support at $97.05 (1.26%), 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 negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Canadian Tire Corporation, Limited of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| $98.29 ( 0%) | $98.29 |
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 | |
|---|---|---|
| R3 | 98.29 | - |
| R2 | 98.29 | - |
| R1 | 98.29 | - |
| Price | 98.29 | |
| S1 | 98.29 | - |
| S2 | 98.29 | - |
| S3 | 98.29 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 99.99 | 1.73% |
| R2 | 98.91 | 0.631% |
| R1 | 98.50 | 0.214% |
| Price | 98.29 | |
| S1 | 97.05 | -1.26% |
| S2 | 96.86 | -1.45% |
| S3 | 94.97 | -3.38% |
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 | $1.28 | 1.31% |
| 3 | Jan 30, 2024 | Jan 30, 2024 | Mar 01, 2024 | $1.31 | 1.28% |
| 4 | Oct 30, 2023 | Oct 30, 2023 | Dec 01, 2023 | $1.24 | 1.17% |
| 5 | Jul 28, 2023 | Jul 28, 2023 | Sep 01, 2023 | $1.31 | 1.11% |
FAQ
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