Canada Nickel Company Inc. Stock Forecast
Canada Nickel Company Inc. stock price down 2.38% on Wednesday
(Updated on May 08, 2024)
The Canada Nickel Company Inc. stock price fell by -2.38% on the last day (Wednesday, 8th May 2024) from $1.05 to $1.03. During the last trading day the stock fluctuated 1.46% from a day low at $1.03 to a day high of $1.04. The price has fallen in 6 of the last 10 days and is down by -2.84% for this period. Volume has increased on the last day by 35 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, 35 thousand shares were bought and sold for approximately $35.84 thousand.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $1.01 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Canada Nickel Company Inc. stock with a 90% probability to be traded between $1.02 and $1.18 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CNIKF Signals & Forecast
There are few to no technical positive signals at the moment. The Canada Nickel Company 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 $1.05 and $1.06. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -7.66%. 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). Canada Nickel Company 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 Canada Nickel Company Inc. stock
Canada Nickel Company Inc. finds support from accumulated volume at $1.01 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 $0.0150 (1.46%) between high and low. For the last week, the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: $0.98 (-4.70%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (CNIKF) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Canada Nickel Company Inc. to open at $1.03, and during the day (based on 14 day Average True Range), to move between $0.99 and $1.06, which gives a possible trading interval of +/-$0.0357 (+/-3.49%) up or down from last closing price. If Canada Nickel Company Inc. takes out the full calculated possible swing range there will be an estimated 6.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.01 (1.46%) than the resistance at $1.04 (1.46%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canada Nickel Company Inc. stock A Buy?
Canada Nickel Company 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Canada Nickel Company Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $1.03 ( 0.488%) | $1.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNIKF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.05 | 1.95 % | |
| R2 | 1.04 | 1.39 % | ||
| R1 | 1.04 | 1.05 % | ||
| Current price: | 1.03 | |||
| Support | S1 | 1.02 | -0.0712 % | |
| S2 | 1.02 | -0.417 % | ||
| S3 | 1.02 | -0.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.06 | 3.41 % | |
| R2 | 1.05 | 2.44 % | ||
| R1 | 1.04 | 1.46 % | ||
| Current price | 1.03 | |||
| Support | S1 | 1.01 | -1.46% | |
| S2 | 1.01 | -1.65% | ||
| S3 | 0.99 | -3.23% |
FAQ
Click here for our free guide on how to buy Canada Nickel Company Inc. Stock.
