iShares S&P/TSX Canadian Dividend ETF Forecast

iShares S&P/TSX Canadian Dividend ETF upgraded to Hold/Accumulate.
(Updated on Jun 05, 2024)

CDZ.TO Signals & Forecast

The iShares S&P/TSX Canadian Dividend ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $31.22 and $31.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 1.88%. Further rise is indicated until a new top pivot has been found. iShares S&P/TSX Canadian Dividend 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, May 29, 2024 and based on theory for this formation the price should go up by 0.87% to $31.73 within 29 trading days since signal was issued (Thursday, June 06, 2024).

Support, Risk & Stop-loss for iShares S&P/TSX Canadian Dividend ETF

iShares S&P/TSX Canadian Dividend finds support from accumulated volume at $31.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.150 between high and low, or 0.479%. For the last week the ETF has had daily average volatility of 0.650%.

Our recommended stop-loss: $29.62 (-5.86%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (CDZ.TO) For The Upcoming Trading Day Of Thursday 6th

For the upcoming trading day on Thursday, 6th we expect iShares S&P/TSX Canadian Dividend Aristocrats Index ETF to open at $31.42, and during the day (based on 14 day Average True Range), to move between $31.22 and $31.70, which gives a possible trading interval of +/-$0.236 (+/-0.75%) up or down from last closing price. If iShares S&P/TSX Canadian Dividend Aristocrats Index ETF takes out the full calculated possible swing range there will be an estimated 1.50% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $31.44 (0.06%) than the resistance at $31.58 (0.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is iShares S&P/TSX Canadian Dividend Aristocrats Index ETF ETF A Buy?

iShares S&P/TSX Canadian Dividend 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.473 Hold/Accumulate Upgraded

Predicted Opening Price for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF of Thursday, June 6, 2024

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