Innergex Renewable Energy Inc. Stock Forecast
A very strong day for Innergex Renewable Energy Inc. stock price on Friday
(Updated on May 31, 2024)
The Innergex Renewable Energy Inc. stock price gained 6.05% on the last trading day (Friday, 31st May 2024), rising from $6.78 to $7.19. During the last trading day the stock fluctuated 0% from a day low at $7.19 to a day high of $7.19. The price has risen in 6 of the last 10 days and is up by 6.68% over the past 2 weeks. Volume fell on the last day by -3 thousand shares and in total, 500 shares were bought and sold for approximately $3.60 thousand. 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 has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $6.96, a level that may pose a second chance to hit a runner. According to fan-theory $8.06 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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INGXF Signals & Forecast
The Innergex Renewable Energy Inc. 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 $6.64 and $6.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 12.13%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Monday, April 15, 2024 with a target of $6.57. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Innergex Renewable Energy Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.44 and $6.21. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Innergex Renewable Energy Inc. finds support just below today's level at $6.44. If this is broken, then the next support from accumulated volume will be at $6.21 and $5.82.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.23%.
Our recommended stop-loss: $6.97 (-3.06%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (INGXF) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Innergex Renewable Energy Inc. to open at $7.19, and during the day (based on 14 day Average True Range), to move between $7.01 and $7.37, which gives a possible trading interval of +/-$0.176 (+/-2.45%) 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 4.91% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.44, some $0.750 (10.43%) from the current price of $7.19, our system finds the risk reward attractive.
Is Innergex Renewable Energy Inc. stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Innergex Renewable Energy Inc. stock to perform well in the short-term period.
Current score: 4.666 Buy Candidate Unchanged
Predicted Opening Price for Innergex Renewable Energy Inc. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $7.19 ( 0%) | $7.19 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INGXF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.19 | . | |
| R2 | 7.19 | . | ||
| R1 | 7.19 | . | ||
| Current price: | 7.19 | |||
| Support | S1 | 7.19 | . | |
| S2 | 7.19 | . | ||
| S3 | 7.19 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 7.19 | |||
| Support | S1 | 6.44 | -10.43% | |
| S2 | 6.21 | -13.58% | ||
| S3 | 5.82 | -19.05% |
INGXF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 08, 2024 | Jun 28, 2024 | Jul 15, 2024 | $0.0700 | 0.97% |
| 2 | Mar 27, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0 | 0% |
| 3 | Nov 08, 2023 | Dec 28, 2023 | Jan 15, 2024 | $0.130 | 1.84% |
| 4 | Jun 21, 2023 | Jun 29, 2023 | Jul 17, 2023 | $0.136 | 1.38% |
| 5 | Mar 22, 2023 | Mar 30, 2023 | Apr 17, 2023 | $0.133 | 1.20% |
FAQ
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