Algonquin Power & Utilities Corp Stock Forecast
Evaluation of Algonquin Power & Utilities Corp stock downgraded after the last trading session.
(Updated on Mar 28, 2024)
The Algonquin Power & Utilities Corp stock price gained 1.12% on the last trading day (Thursday, 28th Mar 2024), rising from $6.25 to $6.32. During the last trading day the stock fluctuated 1.76% from a day low at $6.22 to a day high of $6.33. The price has risen in 6 of the last 10 days and is up by 3.95% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately $21.31 million. 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 stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $6.36 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.00% during the next 3 months and, with a 90% probability hold a price between $5.32 and $6.11 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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AQN Signals & Forecast
The Algonquin Power & Utilities Corp 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 $6.12 and $5.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 7.85%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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). The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-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 12 Months
The stock had a Golden Star Signal on Wednesday, March 20, 2024 in the long-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.
Support, Risk & Stop-loss for Algonquin Power & Utilities Corp stock
Algonquin Power & Utilities Corp finds support from accumulated volume at $6.07 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 $0.109 between high and low, or 1.76%. For the last week, the stock has had daily average volatility of 2.90%.
Our recommended stop-loss: $6.09 (-3.70%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (AQN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Algonquin Power & Utilities Corp to open at $6.29, and during the day (based on 14 day Average True Range), to move between $6.14 and $6.50, which gives a possible trading interval of +/-$0.179 (+/-2.83%) up or down from last closing price. If Algonquin Power & Utilities Corp takes out the full calculated possible swing range there will be an estimated 5.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.40 (1.27%) than the support at $6.07 (3.96%), 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 Algonquin Power & Utilities Corp stock A Buy?
Algonquin Power & Utilities Corp 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: -0.672 Hold/Accumulate Downgraded
Predicted Opening Price for Algonquin Power & Utilities Corp of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$6.29 ( 0.471%) | $6.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AQN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.40 | 1.26 % | |
R2 | 6.36 | 0.598 % | ||
R1 | 6.33 | 0.190 % | ||
Current price: | 6.32 | |||
Support | S1 | 6.25 | -1.13 % | |
S2 | 6.22 | -1.54 % | ||
S3 | 6.18 | -2.20 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.42 | 1.58 % | |
R2 | 6.41 | 1.42 % | ||
R1 | 6.40 | 1.27 % | ||
Current price | 6.32 | |||
Support | S1 | 6.07 | -3.96% | |
S2 | 6.04 | -4.43% | ||
S3 | 5.93 | -6.17% |
AQN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 08, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0.109 | 1.72% |
2 | Nov 10, 2023 | Dec 28, 2023 | Jan 15, 2024 | $0.109 | 1.70% |
3 | Aug 10, 2023 | Sep 27, 2023 | Oct 13, 2023 | $0.110 | 1.92% |
4 | May 11, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.109 | 1.34% |
5 | Mar 17, 2023 | Mar 30, 2023 | Apr 14, 2023 | $0.109 | 1.26% |
FAQ
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