National Bank of Canada Stock Forecast
National Bank of Canada stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The National Bank of Canada stock price fell by -0.116% on the last day (Friday, 26th Apr 2024) from $112.06 to $111.93. During the last trading day the stock fluctuated 1.07% from a day low at $111.64 to a day high of $112.83. The price has risen in 5 of the last 10 days and is up by 0.87% over the past 2 weeks. Volume has increased on the last day by 568 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $214.67 million.
The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $111.15 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 11.89% during the next 3 months and, with a 90% probability hold a price between $124.36 and $134.05 at the end of this 3-month period.
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NA.TO Signals & Forecast
There are few to no technical positive signals at the moment. The National Bank of Canada 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 $112.05. On a fall, the stock will find some support from the short-term average at $111.28. 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 21, 2024, and so far it has fallen -2.40%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for National Bank of Canada stock
National Bank of Canada finds support from accumulated volume at $111.80 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 $1.19 between high and low, or 1.07%. For the last week the stock has had daily average volatility of 1.19%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NA.TO) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect National Bank of Canada to open at $112.13, and during the day (based on 14 day Average True Range), to move between $110.57 and $113.29, which gives a possible trading interval of +/-$1.36 (+/-1.21%) up or down from last closing price. If National Bank of Canada takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $111.80 (0.12%) than the resistance at $113.73 (1.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is National Bank of Canada stock A Buy?
The National Bank of Canada stock holds several negative signals and despite the positive trend, we believe National Bank of Canada will perform weakly in the next couple of days or weeks. Therefore, we 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: -4.638 Sell Candidate Downgraded
Predicted Opening Price for National Bank of Canada of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$112.13 ( 0.182%) | $111.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NA.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 113.32 | 1.24 % | |
R2 | 112.87 | 0.84 % | ||
R1 | 112.59 | 0.588 % | ||
Current price: | 111.93 | |||
Support | S1 | 111.68 | -0.224 % | |
S2 | 111.40 | -0.475 % | ||
S3 | 110.94 | -0.88 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 114.60 | 2.39 % | |
R2 | 113.79 | 1.66 % | ||
R1 | 113.73 | 1.61 % | ||
Current price | 111.93 | |||
Support | S1 | 111.80 | -0.116% | |
S2 | 111.39 | -0.482% | ||
S3 | 110.98 | -0.85% |
NA Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 05, 2024 | Apr 05, 2024 | May 01, 2024 | $1.06 | 0.95% |
2 | Feb 28, 2024 | Mar 25, 2024 | May 01, 2024 | $1.06 | 0.95% |
3 | Feb 28, 2024 | Mar 22, 2024 | May 01, 2024 | $1.06 | 0.95% |
4 | Dec 01, 2023 | Dec 25, 2023 | Feb 01, 2024 | $1.06 | 1.03% |
5 | Dec 01, 2023 | Dec 21, 2023 | Feb 01, 2024 | $1.06 | 1.03% |
FAQ
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