National Bank of Canada Non-Cum Conv Red Stock Forecast
National Bank of Canada Non-Cum Conv Red stock downgraded to Hold/Accumulate
(Updated on Jun 27, 2024)
The National Bank of Canada Non-Cum Conv Red stock price gained 0.196% on the last trading day (Thursday, 27th Jun 2024), rising from $25.55 to $25.60. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 0.196% from a day low at $25.55 to a day high of $25.60. The price has risen in 8 of the last 10 days and is up by 1.75% over the past 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 4 thousand shares were bought and sold for approximately $102.40 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 stockis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $25.68 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect National Bank of Canada Non-Cum Conv Red stock with a 90% probability to be traded between $24.84 and $25.59 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. 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.
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NA-PC.TO Signals & Forecast
The National Bank of Canada Non-Cum Conv Red stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $25.29 and $25.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 19, 2024, and so far it has risen 2.32%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The stock had a Golden Star Signal on Friday, April 26, 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.
Golden Star
The stock had a Golden Star Signal on Friday, April 26, 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.
A buy signal from a double bottom formation was found on Wednesday, June 19, 2024 and based on theory for this formation the price should go up by 1.51% to $25.99 within 46 trading days since signal was issued (Monday, August 26, 2024).
Support, Risk & Stop-loss for National Bank of Canada Non-Cum Conv Red stock
National Bank of Canada Non-Cum Conv Red finds support from accumulated volume at $25.45 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 therefore the general risk is considered very 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 $0.0500 between high and low, or 0.196%. For the last week the stock has had daily average volatility of 0.617%
Since the National Bank of Canada Non-Cum Conv Red has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $24.40 (-4.68%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (NA-PC.TO) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect National Bank of Canada Non-Cum Conv Red 1st Pfd Registered Shs Series -38- to open at $25.58, and during the day (based on 14 day Average True Range), to move between $25.41 and $25.79, which gives a possible trading interval of +/-$0.191 (+/-0.75%) up or down from last closing price. If National Bank of Canada Non-Cum Conv Red 1st Pfd Registered Shs Series -38- takes out the full calculated possible swing range there will be an estimated 1.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $25.68 (0.31%) than the support at $25.45 (0.59%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is National Bank of Canada Non-Cum Conv Red 1st Pfd Registered Shs Series -38- stock A Buy?
National Bank of Canada Non-Cum Conv Red 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.075 Hold/Accumulate Downgraded
Predicted Opening Price for National Bank of Canada Non-Cum Conv Red 1st Pfd Registered Shs Series -38- of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $25.58 ( 0.0651%) | $25.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NA-PC.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.63 | 0.130% |
| R2 | 25.61 | 0.0556% |
| R1 | 25.60 | 0.0095% |
| Price | 25.60 | |
| S1 | 25.56 | -0.140% |
| S2 | 25.55 | -0.186% |
| S3 | 25.53 | -0.260% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.71 | 0.430% |
| R2 | 25.69 | 0.352% |
| R1 | 25.68 | 0.312% |
| Price | 25.60 | |
| S1 | 25.45 | -0.586% |
| S2 | 25.30 | -1.17% |
| S3 | 25.11 | -1.91% |
NA-PC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 08, 2024 | Jul 08, 2024 | Aug 15, 2024 | $0 | 0% |
| 2 | Apr 05, 2024 | Apr 05, 2024 | May 15, 2024 | $0.439 | 1.71% |
| 3 | Apr 04, 2024 | Apr 04, 2024 | Apr 04, 2024 | $0 | 0% |
| 4 | Jan 05, 2024 | Jan 05, 2024 | Feb 15, 2024 | $0.439 | 1.74% |
| 5 | Oct 05, 2023 | Oct 05, 2023 | Nov 15, 2023 | $0.439 | 1.76% |
FAQ
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