Cineplex Inc. Stock Forecast
Cineplex Inc. stock price ended at $8.23 on Tuesday, after gaining 0.122%.
(Updated on Jul 02, 2024)
The Cineplex Inc. stock price gained 0.122% on the last trading day (Tuesday, 2nd Jul 2024), rising from $8.22 to $8.23. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.61% from a day low at $8.05 to a day high of $8.26. The price has risen in 7 of the last 10 days and is up by 11.07% over the past 2 weeks. Volume fell on the last day by -180 thousand shares and in total, 237 thousand shares were bought and sold for approximately $1.95 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.85% during the next 3 months and, with a 90% probability hold a price between $6.73 and $8.39 at the end of this 3-month period.
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CGX.TO Signals & Forecast
Mostly positive signals in the chart today. The Cineplex Inc. 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 $7.82 and $7.79. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 15.59%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Cineplex Inc. stock
Cineplex Inc. finds support from accumulated volume at $7.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.210 between high and low, or 2.61%. For the last week, the stock has had daily average volatility of 3.13%.
Since the Cineplex Inc. has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $7.98 (-3.04%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 40 days ago.)
Trading Expectations (CGX.TO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Cineplex Inc. to open at $8.18, and during the day (based on 14 day Average True Range), to move between $8.00 and $8.46, which gives a possible trading interval of +/-$0.235 (+/-2.85%) up or down from last closing price. If Cineplex Inc. takes out the full calculated possible swing range there will be an estimated 5.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.30 (0.85%) than the support at $7.86 (4.50%), 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 Cineplex Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.959 Buy Candidate Unchanged
Predicted Opening Price for Cineplex Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $8.18 ( 0.608%) | $8.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGX.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.39 | 1.94% |
| R2 | 8.31 | 0.97% |
| R1 | 8.26 | 0.367% |
| Price | 8.23 | |
| S1 | 8.10 | -1.58% |
| S2 | 8.05 | -2.18% |
| S3 | 7.97 | -3.16% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.11 | 10.69% |
| R2 | 8.87 | 7.78% |
| R1 | 8.30 | 0.85% |
| Price | 8.23 | |
| S1 | 7.86 | -4.50% |
| S2 | 7.77 | -5.59% |
| S3 | 7.54 | -8.38% |
CGX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 21, 2020 | Jan 30, 2020 | Feb 28, 2020 | $0.150 | 0.455% |
| 2 | Dec 17, 2019 | Dec 30, 2019 | Jan 31, 2020 | $0.150 | 0.444% |
| 3 | Nov 19, 2019 | Nov 28, 2019 | Dec 31, 2019 | $0.150 | 0.443% |
| 4 | Oct 21, 2019 | Oct 30, 2019 | Nov 29, 2019 | $0.150 | 0.591% |
| 5 | Sep 18, 2019 | Sep 27, 2019 | Oct 31, 2019 | $0.150 | 0.668% |
FAQ
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