Canfor Pulp Products Inc. Stock Forecast
Canfor Pulp Products Inc. stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 09, 2024)
The Canfor Pulp Products Inc. stock price fell by -4.43% on the last day (Thursday, 9th May 2024) from $1.58 to $1.51. During the last trading day the stock fluctuated 4.64% from a day low at $1.51 to a day high of $1.58. The price has risen in 5 of the last 10 days but is still down by -1.63% for this period. 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, 7 thousand shares were bought and sold for approximately $11.17 thousand.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.46 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -2.06% during the next 3 months and, with a 90% probability hold a price between $1.43 and $1.69 at the end of this 3-month period.
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CFX.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 3.42%. 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 Canfor Pulp Products Inc. 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 $1.53 and $1.58. A break-up above any of these levels will issue buy signals. Canfor Pulp Products Inc. 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 Canfor Pulp Products Inc. stock
Canfor Pulp Products Inc. finds support from accumulated volume at $1.48 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 $0.0700 (4.64%) between high and low. For the last week, the stock has had daily average volatility of 3.18%.
Our recommended stop-loss: $1.45 (-4.26%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (CFX.TO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Canfor Pulp Products Inc. to open at $1.53, and during the day (based on 14 day Average True Range), to move between $1.45 and $1.57, which gives a possible trading interval of +/-$0.0620 (+/-4.10%) up or down from last closing price. If Canfor Pulp Products Inc. takes out the full calculated possible swing range there will be an estimated 8.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.52 (0.66%) than the support at $1.48 (1.99%), 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 Canfor Pulp Products Inc. stock A Buy?
Canfor Pulp Products Inc. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.608 Hold/Accumulate Upgraded
Predicted Opening Price for Canfor Pulp Products Inc. of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $1.53 ( 1.55%) | $1.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CFX.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.60 | 6.18 % | |
| R2 | 1.58 | 4.41 % | ||
| R1 | 1.56 | 3.32 % | ||
| Current price: | 1.51 | |||
| Support | S1 | 1.51 | -0.226 % | |
| S2 | 1.49 | -1.32 % | ||
| S3 | 1.46 | -3.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.56 | 3.31 % | |
| R2 | 1.55 | 2.65 % | ||
| R1 | 1.52 | 0.662 % | ||
| Current price | 1.51 | |||
| Support | S1 | 1.48 | -1.99% | |
| S2 | 1.47 | -2.65% | ||
| S3 | 1.46 | -3.31% |
CFX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2020 | Mar 03, 2020 | Mar 11, 2020 | $0.0630 | 1.18% |
| 2 | Oct 23, 2019 | Nov 04, 2019 | Nov 12, 2019 | $0.0630 | 0.720% |
| 3 | Jul 25, 2019 | Aug 06, 2019 | Aug 14, 2019 | $0.0630 | 0.665% |
| 4 | May 01, 2019 | May 13, 2019 | May 21, 2019 | $0.0630 | 0.521% |
| 5 | Feb 21, 2019 | Mar 05, 2019 | Mar 13, 2019 | $0.0630 | 0.393% |
FAQ
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