Capital Power Corporation Stock Forecast

Weaker technical forecast for Capital Power Corporation as stock downgraded to Hold/Accumulate.
(Updated on Apr 19, 2024)

CPX.TO Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.139%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Capital Power Corporation stock 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 $36.17 and $37.68. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 13.56% to $40.79 within 44 trading days since signal was issued (Monday, April 22, 2024).

Support, Risk & Stop-loss for Capital Power Corporation stock

Capital Power Corporation finds support from accumulated volume at $35.87 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 $0.400 between high and low, or 1.12%. For the last week, the stock has had daily average volatility of 1.66%.

Capital Power Corporation is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $33.55 (-6.61%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 17 which reduces the risk some. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (CPX.TO) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Capital Power Corporation to open at $35.99, and during the day (based on 14 day Average True Range), to move between $35.31 and $36.53, which gives a possible trading interval of +/-$0.608 (+/-1.69%) up or down from last closing price. If Capital Power Corporation takes out the full calculated possible swing range there will be an estimated 3.39% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $35.87 (0.14%) than the resistance at $36.96 (2.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Capital Power Corporation stock A Buy?

Capital Power Corporation holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.361 Hold/Accumulate Downgraded

Predicted Opening Price for Capital Power Corporation of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.