BMO S&P/TSX Capped Composite Index ETF Forecast
Green day on Thursday for BMO S&P/TSX Capped Composite Index
(Updated on Jun 20, 2024)
The BMO S&P/TSX Capped Composite Index ETF price gained 0.311% on the last trading day (Thursday, 20th Jun 2024), rising from $28.92 to $29.01. During the last trading day the ETF fluctuated 0.622% from a day low at $28.95 to a day high of $29.13. The price has fallen in 7 of the last 10 days and is down by -2.75% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 thousand more shares were traded than the day before. In total, 165 thousand shares were bought and sold for approximately $4.80 million.
The ETF is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $28.92 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect BMO S&P/TSX Capped Composite Index ETF with a 90% probability to be traded between $28.90 and $30.12 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 ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ZCN.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 19, 2024, and so far it has risen 0.311%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The BMO S&P/TSX Capped Composite Index ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $29.12 and $29.64. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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 7.68% to $31.24 within 45 trading days since signal was issued (Friday, August 23, 2024).
Support, Risk & Stop-loss for BMO S&P/TSX Capped Composite Index ETF
BMO S&P/TSX Capped Composite Index finds support from accumulated volume at $28.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.180 between high and low, or 0.622%. For the last week the ETF has had daily average volatility of 0.678%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZCN.TO) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect BMO S&P/TSX Capped Composite Index ETF to open at $29.03, and during the day (based on 14 day Average True Range), to move between $28.75 and $29.27, which gives a possible trading interval of +/-$0.256 (+/-0.88%) up or down from last closing price. If BMO S&P/TSX Capped Composite Index ETF takes out the full calculated possible swing range there will be an estimated 1.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $28.96 (0.17%) than the resistance at $29.08 (0.24%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BMO S&P/TSX Capped Composite Index ETF ETF A Buy?
BMO S&P/TSX Capped Composite Index holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -2.421 Sell Candidate Unchanged
Predicted Opening Price for BMO S&P/TSX Capped Composite Index ETF of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $29.03 ( 0.0689%) | $29.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZCN.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.21 | 0.689% |
| R2 | 29.14 | 0.452% |
| R1 | 29.10 | 0.306% |
| Price | 29.01 | |
| S1 | 28.96 | -0.168% |
| S2 | 28.92 | -0.315% |
| S3 | 28.85 | -0.552% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.52 | 1.76% |
| R2 | 29.50 | 1.69% |
| R1 | 29.08 | 0.241% |
| Price | 29.01 | |
| S1 | 28.96 | -0.172% |
| S2 | 28.92 | -0.310% |
| S3 | 0 | - |
ZCN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Apr 02, 2024 | $0.230 | 0.779% |
| 2 | Dec 27, 2023 | Dec 27, 2023 | Dec 27, 2023 | $0.230 | 0.82% |
| 3 | Jun 28, 2023 | Jun 28, 2023 | Jun 28, 2023 | $0.230 | 0.87% |
| 4 | Mar 29, 2023 | Mar 29, 2023 | Mar 29, 2023 | $0.230 | 0.87% |
| 5 | Dec 28, 2022 | Dec 28, 2022 | Dec 28, 2022 | $0.220 | 0.85% |
FAQ
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