Onex Corporation Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of Onex Corporation stock downgraded after the last trading session.
(Updated on May 06, 2024)
The Onex Corporation stock price fell by -0.0199% on the last day (Monday, 6th May 2024) from $100.44 to $100.42. During the last trading day the stock fluctuated 0.86% from a day low at $100.14 to a day high of $101.00. The price has fallen in 6 of the last 10 days but is still up by 2.25% 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 -1 thousand shares and in total, 51 thousand shares were bought and sold for approximately $5.15 million.
The stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $100.36, a level that may pose a second chance to hit a runner. According to fan-theory $105.32 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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ONEX.TO Signals & Forecast
The Onex Corporation 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 $99.03 and $99.10. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -0.0199%. Further fall is indicated until a new bottom pivot has been found. 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 Onex Corporation stock
Onex Corporation finds support from accumulated volume at $99.99 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 $0.86 between high and low, or 0.86%. For the last week the stock has had daily average volatility of 1.37%.
Our recommended stop-loss: $96.62 (-3.79%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ONEX.TO) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Onex Corporation to open at $100.52, and during the day (based on 14 day Average True Range), to move between $98.63 and $102.21, which gives a possible trading interval of +/-$1.79 (+/-1.78%) up or down from last closing price. If Onex Corporation takes out the full calculated possible swing range there will be an estimated 3.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $99.99 (0.43%) than the resistance at $101.07 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Onex Corporation will release earnings BMO on Friday, May 10, 2024.The consensus among the analysts for the expected earnings (EPS) is -$11.88. We will update the financials statements for Onex Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.44% in the first trading day after earnings release.
Is Onex Corporation stock A Buy?
Onex Corporation 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: 0.192 Hold/Accumulate Downgraded
Predicted Opening Price for Onex Corporation of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
$100.52 ( 0.0996%) | $100.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONEX.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 101.38 | 0.96 % | |
R2 | 101.05 | 0.629 % | ||
R1 | 100.85 | 0.427 % | ||
Current price: | 100.42 | |||
Support | S1 | 100.19 | -0.228 % | |
S2 | 99.99 | -0.430 % | ||
S3 | 99.66 | -0.757 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 101.80 | 1.37 % | |
R2 | 101.08 | 0.657 % | ||
R1 | 101.07 | 0.647 % | ||
Current price | 100.42 | |||
Support | S1 | 99.99 | -0.428% | |
S2 | 99.01 | -1.40% | ||
S3 | 97.86 | -2.55% |
ONEX Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 09, 2024 | Apr 09, 2024 | Apr 30, 2024 | $0.100 | 0.102% |
2 | Jan 09, 2024 | Jan 09, 2024 | Jan 31, 2024 | $0 | 0% |
3 | Jul 07, 2023 | Jul 07, 2023 | Jul 31, 2023 | $0.100 | 0.123% |
4 | Apr 05, 2023 | Apr 05, 2023 | Apr 30, 2023 | $0.100 | 0.160% |
5 | Jan 09, 2023 | Jan 09, 2023 | Jan 09, 2023 | $0.100 | 0.156% |
FAQ
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