CANETIC RESOURCES TRUST (Foreign) Stock Forecast
Stronger technical forecast for CANETIC RESOURCES TRUST (Foreign) stock price after Friday trading.
(Updated on May 03, 2024)
The CANETIC RESOURCES TRUST (Foreign) stock price gained 4.33% on the last trading day (Friday, 3rd May 2024), rising from £161.80 to £168.80. During the last trading day the stock fluctuated 4.94% from a day low at £162.00 to a day high of £170.00. The price has fallen in 5 of the last 10 days but is still up by 1.93% over the past 2 weeks. Volume fell on the last day by -132 thousand shares and in total, 122 thousand shares were bought and sold for approximately £20.57 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 lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £162.91 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 52.22% during the next 3 months and, with a 90% probability hold a price between £247.99 and £305.24 at the end of this 3-month period.
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CNE.L Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 02, 2024, and so far it has fallen -3.54%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The CANETIC RESOURCES TRUST (Foreign) 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 £168.31 and £164.10. A breakdown below any of these levels will issue sell signals. 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 CANETIC RESOURCES TRUST (Foreign) stock
CANETIC RESOURCES TRUST (Foreign) finds support from accumulated volume at £161.00 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 £8.00 (4.94%) between high and low. For the last week, the stock has had daily average volatility of 3.83%.
Our recommended stop-loss: £162.70 (-3.61%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (CNE.L) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect CANETIC RESOURCES TRUST (Foreign) to open at £166.93, and during the day (based on 14 day Average True Range), to move between £162.79 and £174.81, which gives a possible trading interval of +/-£6.01 (+/-3.56%) up or down from last closing price. If CANETIC RESOURCES TRUST (Foreign) takes out the full calculated possible swing range there will be an estimated 7.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £170.00 (0.71%) than the support at £161.00 (4.62%), 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 CANETIC RESOURCES TRUST (Foreign) stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for CANETIC RESOURCES TRUST (Foreign) stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.140 Buy Candidate Upgraded
Predicted Opening Price for CANETIC RESOURCES TRUST (Foreign) of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| £166.93 ( 1.11%) | £168.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNE.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 174.93 | 3.63 % | |
| R2 | 171.88 | 1.82 % | ||
| R1 | 169.99 | 0.705 % | ||
| Current price: | 168.80 | |||
| Support | S1 | 163.88 | -2.92 % | |
| S2 | 161.99 | -4.03 % | ||
| S3 | 158.93 | -5.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 173.00 | 2.49 % | |
| R2 | 170.40 | 0.95 % | ||
| R1 | 170.00 | 0.711 % | ||
| Current price | 168.80 | |||
| Support | S1 | 161.00 | -4.62% | |
| S2 | 144.80 | -14.22% | ||
| S3 | 139.00 | -17.65% |
CNE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 24, 2024 | May 24, 2024 | Jun 07, 2024 | £0.430 | 0.255% |
| 2 | May 16, 2023 | May 16, 2023 | May 16, 2023 | £243.94 | 79.29% |
| 3 | Dec 17, 2020 | Jan 11, 2021 | Jan 25, 2021 | £32.00 | 5.81% |
| 4 | Feb 06, 2012 | Feb 06, 2012 | Feb 06, 2012 | £160.00 | 14.58% |
FAQ
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