Canada Nickel Company Inc. Stock Forecast
Evaluation of Canada Nickel Company Inc. stock downgraded after the last trading session.
(Updated on May 29, 2024)
The Canada Nickel Company Inc. stock price fell by -4.16% on the last day (Wednesday, 29th May 2024) from $1.06 to $1.02. During the last trading day the stock fluctuated 2.94% from a day low at $1.02 to a day high of $1.05. The price has fallen in 6 of the last 10 days but is still up by 0.69% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 thousand shares and in total, 13 thousand shares were bought and sold for approximately $13.25 thousand.
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 -2.49% during the next 3 months and, with a 90% probability hold a price between $0.97 and $1.07 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CNIKF Signals & Forecast
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 Canada Nickel Company Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.06 and $1.05. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -6.42%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. 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.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.0300 between high and low, or 2.94%. For the last week the stock has had daily average volatility of 2.23%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNIKF) For The Upcoming Trading Day Of Thursday 30th
For the upcoming trading day on Thursday, 30th 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 $0.98 and $1.06, which gives a possible trading interval of +/-$0.0374 (+/-3.67%) 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 7.34% 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 (0.69%) than the resistance at $1.04 (1.96%), 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 is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.975 Sell Candidate Downgraded
Predicted Opening Price for Canada Nickel Company Inc. of Thursday, May 30, 2024
| Fair opening price May 30, 2024 | Current price |
|---|---|
| $1.03 ( 0.98%) | $1.02 |
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 | 1.06 | 3.92 % | |
| R2 | 1.05 | 2.80 % | ||
| R1 | 1.04 | 2.10 % | ||
| Current price: | 1.02 | |||
| Support | S1 | 1.02 | -0.143 % | |
| S2 | 1.01 | -0.84 % | ||
| S3 | 1.00 | -1.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.09 | 6.86 % | |
| R2 | 1.05 | 2.94 % | ||
| R1 | 1.04 | 1.96 % | ||
| Current price | 1.02 | |||
| Support | S1 | 1.01 | -0.686% | |
| S2 | 1.01 | -0.98% | ||
| S3 | 1.00 | -1.96% |
FAQ
Click here for our free guide on how to buy Canada Nickel Company Inc. Stock.
