Canadian Tire Corp Ltd Class A Stock Forecast
Red day on Thursday for Canadian Tire Corp Ltd Class A stock after losing 0.713%
(Updated on Apr 25, 2024)
The Canadian Tire Corp Ltd Class A stock price fell by -0.713% on the last day (Thursday, 25th Apr 2024) from $136.03 to $135.06. During the last trading day the stock fluctuated 1.95% from a day low at $133.23 to a day high of $135.82. The price has risen in 6 of the last 10 days and is up by 4.23% 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 -205 thousand shares and in total, 247 thousand shares were bought and sold for approximately $33.42 million.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $136.13 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -9.78% during the next 3 months and, with a 90% probability hold a price between $113.56 and $122.83 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CTC-A.TO Signals & Forecast
The Canadian Tire Corp Ltd Class A 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 $133.29 and $133.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 5.71%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Canadian Tire Corp Ltd Class A stock
Canadian Tire Corp Ltd Class A finds support from accumulated volume at $134.37 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 $2.60 (1.95%) between high and low. For the last week, the stock has had daily average volatility of 2.23%.
Our recommended stop-loss: $128.91 (-4.55%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (CTC-A.TO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Canadian Tire Corporation Limited Class A to open at $134.70, and during the day (based on 14 day Average True Range), to move between $132.45 and $137.67, which gives a possible trading interval of +/-$2.61 (+/-1.93%) up or down from last closing price. If Canadian Tire Corporation Limited Class A takes out the full calculated possible swing range there will be an estimated 3.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $134.37 (0.51%) than the resistance at $139.56 (3.33%), 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 Tire Corporation Limited Class A stock A Buy?
Canadian Tire Corp Ltd Class A holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.152 Hold/Accumulate Unchanged
Predicted Opening Price for Canadian Tire Corporation Limited Class A of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $134.70 ( 0.265%) | $135.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CTC-A.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 137.30 | 1.66 % | |
| R2 | 136.31 | 0.92 % | ||
| R1 | 135.69 | 0.469 % | ||
| Current price: | 135.06 | |||
| Support | S1 | 133.71 | -1.00 % | |
| S2 | 133.10 | -1.45 % | ||
| S3 | 132.11 | -2.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 142.49 | 5.50 % | |
| R2 | 140.50 | 4.03 % | ||
| R1 | 139.56 | 3.33 % | ||
| Current price | 135.06 | |||
| Support | S1 | 134.37 | -0.511% | |
| S2 | 131.88 | -2.35% | ||
| S3 | 130.76 | -3.18% |
CTC-A Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 29, 2024 | Apr 29, 2024 | Apr 29, 2024 | $0 | 0% |
| 2 | Jan 30, 2024 | Jan 30, 2024 | Mar 01, 2024 | $0 | 0% |
| 3 | Jul 28, 2023 | Jul 28, 2023 | Sep 01, 2023 | $1.73 | 1.08% |
| 4 | Apr 27, 2023 | Apr 27, 2023 | Apr 27, 2023 | $1.73 | 0.95% |
| 5 | Jan 30, 2023 | Jan 30, 2023 | Jan 30, 2023 | $1.73 | 1.10% |
FAQ
Click here for our free guide on how to buy Canadian Tire Corporation Limited Class A Stock.
