Canadian National Railway Company Stock Forecast
Weaker technical forecast for Canadian National Railway Company as stock downgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The Canadian National Railway Company stock price gained 0.361% on the last trading day (Friday, 26th Apr 2024), rising from $124.78 to $125.23. During the last trading day the stock fluctuated 1.13% from a day low at $124.20 to a day high of $125.60. The price has risen in 7 of the last 10 days but is still down by -2.51% for this period. Volume fell on the last day by -597 thousand shares and in total, 841 thousand shares were bought and sold for approximately $105.31 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 is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Canadian National Railway Company stock with a 90% probability to be traded between $123.74 and $134.13 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CNI Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 1.93%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Canadian National Railway Company 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 $126.63 and $129.28. 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).
Support, Risk & Stop-loss for Canadian National Railway Company stock
Canadian National Railway Company finds support from accumulated volume at $124.78 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.40 between high and low, or 1.13%. For the last week the stock has had daily average volatility of 2.86%.
Our recommended stop-loss: $118.81 (-5.13%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (CNI) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Canadian National Railway Company to open at $125.01, and during the day (based on 14 day Average True Range), to move between $122.74 and $127.72, which gives a possible trading interval of +/-$2.49 (+/-1.99%) up or down from last closing price. If Canadian National Railway Company takes out the full calculated possible swing range there will be an estimated 3.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $124.78 (0.36%) than the resistance at $126.95 (1.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canadian National Railway Company stock A Buy?
Canadian National Railway Company 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.410 Hold/Accumulate Downgraded
Predicted Opening Price for Canadian National Railway Company of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $125.01 ( 0.176%) | $125.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 126.41 | 0.94 % | |
| R2 | 125.88 | 0.515 % | ||
| R1 | 125.54 | 0.251 % | ||
| Current price: | 125.23 | |||
| Support | S1 | 124.48 | -0.603 % | |
| S2 | 124.14 | -0.87 % | ||
| S3 | 123.61 | -1.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 129.59 | 3.48 % | |
| R2 | 128.86 | 2.90 % | ||
| R1 | 126.95 | 1.37 % | ||
| Current price | 125.23 | |||
| Support | S1 | 124.78 | -0.359% | |
| S2 | 124.12 | -0.89% | ||
| S3 | 122.86 | -1.89% |
CNI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2024 | Jun 07, 2024 | Jun 28, 2024 | $0.616 | 0.492% |
| 2 | Jan 23, 2024 | Mar 06, 2024 | Mar 28, 2024 | $0.638 | 0.484% |
| 3 | Oct 24, 2023 | Dec 06, 2023 | Dec 28, 2023 | $0.570 | 0.456% |
| 4 | Jul 25, 2023 | Sep 07, 2023 | Sep 29, 2023 | $0.600 | 0.553% |
| 5 | Apr 24, 2023 | Jun 08, 2023 | Jun 30, 2023 | $0.591 | 0.488% |
FAQ
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