TransAlta Corporation Stock Forecast
TransAlta Corporation stock price ended at $6.63 on Friday, after losing 2.93%.
(Updated on Apr 26, 2024)
The TransAlta Corporation stock price fell by -2.93% on the last day (Friday, 26th Apr 2024) from $6.83 to $6.63. During the last trading day the stock fluctuated 3.94% from a day low at $6.60 to a day high of $6.86. The price has risen in 9 of the last 10 days and is up by 9.41% 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 -491 thousand shares and in total, 748 thousand shares were bought and sold for approximately $4.96 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.33% during the next 3 months and, with a 90% probability hold a price between $5.18 and $5.97 at the end of this 3-month period. 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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TAC Signals & Forecast
The TransAlta Corporation 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 $6.57 and $6.42. 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 Thursday, April 25, 2024, and so far it has fallen -2.93%. 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 TransAlta Corporation stock
TransAlta Corporation finds support from accumulated volume at $6.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.260 between high and low, or 3.94%. For the last week, the stock has had daily average volatility of 3.34%.
Our recommended stop-loss: $6.31 (-4.83%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (TAC) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect TransAlta Corporation to open at $6.70, and during the day (based on 14 day Average True Range), to move between $6.44 and $6.82, which gives a possible trading interval of +/-$0.190 (+/-2.86%) up or down from last closing price. If TransAlta Corporation takes out the full calculated possible swing range there will be an estimated 5.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.45 (2.71%) than the resistance at $6.83 (3.02%), 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
TransAlta Corporation will release earnings BMO on Friday, May 03, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.130. We will update the financials statements for TransAlta Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.42% in the first trading day after earnings release.
Is TransAlta Corporation stock A Buy?
TransAlta 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.
Current score: 0.177 Hold/Accumulate Unchanged
Predicted Opening Price for TransAlta Corporation of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $6.70 ( 1.01%) | $6.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TAC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.96 | 4.93 % | |
| R2 | 6.86 | 3.43 % | ||
| R1 | 6.80 | 2.50 % | ||
| Current price: | 6.63 | |||
| Support | S1 | 6.60 | -0.493 % | |
| S2 | 6.54 | -1.42 % | ||
| S3 | 6.44 | -2.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.01 | 5.73 % | |
| R2 | 6.87 | 3.62 % | ||
| R1 | 6.83 | 3.02 % | ||
| Current price | 6.63 | |||
| Support | S1 | 6.45 | -2.71% | |
| S2 | 6.43 | -3.02% | ||
| S3 | 6.31 | -4.83% |
TAC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 22, 2023 | Feb 29, 2024 | Apr 01, 2024 | $0.0437 | 0.682% |
| 2 | Oct 30, 2023 | Nov 30, 2023 | Jan 01, 2024 | $0.0400 | 0.481% |
| 3 | Jul 27, 2023 | Aug 31, 2023 | Oct 01, 2023 | $0.0420 | 0.483% |
| 4 | Apr 27, 2023 | May 31, 2023 | Jul 01, 2023 | $0.0400 | 0.427% |
| 5 | Dec 12, 2022 | Feb 28, 2023 | Apr 01, 2023 | $0.0410 | 0.469% |
FAQ
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