Innergex Renewable Energy Inc. Stock Forecast

Red day on Friday for Innergex Renewable Energy Inc. stock after losing 0.496%
(Updated on Apr 19, 2024)

INE.TO Signals & Forecast

There are mixed signals in the stock today. The Innergex Renewable Energy Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $8.15. On a fall, the stock will find some support from the short-term average at $7.97. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -7.71%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Thursday, March 28, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Innergex Renewable Energy Inc. stock

Innergex Renewable Energy Inc. finds support from accumulated volume at $7.97 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 $0.250 between high and low, or 3.14%. For the last week the stock has had daily average volatility of 3.57%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (INE.TO) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Innergex Renewable Energy Inc. to open at $8.07, and during the day (based on 14 day Average True Range), to move between $7.75 and $8.29, which gives a possible trading interval of +/-$0.268 (+/-3.35%) up or down from last closing price. If Innergex Renewable Energy Inc. takes out the full calculated possible swing range there will be an estimated 6.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $7.97 (0.62%) than the resistance at $8.09 (0.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Innergex Renewable Energy Inc. stock A Buy?

Innergex Renewable Energy Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -3.956 Sell Candidate Unchanged

Predicted Opening Price for Innergex Renewable Energy Inc. of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.