Fortis Inc Stock Forecast
Fortis Inc stock price ended at $39.32 on Thursday, after gaining 0.409%.
(Updated on Apr 25, 2024)
The Fortis Inc stock price gained 0.409% on the last trading day (Thursday, 25th Apr 2024), rising from $39.16 to $39.32. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.01% from a day low at $38.56 to a day high of $39.33. The price has risen in 7 of the last 10 days and is up by 3.61% over the past 2 weeks. Volume fell on the last day by -17 thousand shares and in total, 591 thousand shares were bought and sold for approximately $23.22 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 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 $39.59 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 -2.98% during the next 3 months and, with a 90% probability hold a price between $35.90 and $38.41 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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FTS Signals & Forecast
Mostly positive signals in the chart today. The Fortis Inc 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 $38.68 and $39.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 5.87%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for Fortis Inc stock
Fortis Inc finds support from accumulated volume at $39.13 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.775 (2.01%) between high and low. For the last week, the stock has had daily average volatility of 1.36%.
Since the Fortis Inc has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $37.80 (-3.85%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (FTS) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Fortis Inc to open at $39.07, and during the day (based on 14 day Average True Range), to move between $38.76 and $39.88, which gives a possible trading interval of +/-$0.562 (+/-1.43%) up or down from last closing price. If Fortis Inc takes out the full calculated possible swing range there will be an estimated 2.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $39.36 (0.10%) than the support at $39.13 (0.48%), 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.
Earnings coming up
Fortis Inc will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.680. We will update the financials statements for Fortis Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 1.78% in the first trading day after earnings release.
Is Fortis Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.698 Buy Candidate Unchanged
Predicted Opening Price for Fortis Inc of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$39.07 ( 0.640%) | $39.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FTS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.84 | 1.33 % | |
R2 | 39.55 | 0.578 % | ||
R1 | 39.36 | 0.113 % | ||
Current price: | 39.32 | |||
Support | S1 | 38.77 | -1.39 % | |
S2 | 38.59 | -1.86 % | ||
S3 | 38.29 | -2.61 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.73 | 1.04 % | |
R2 | 39.44 | 0.305 % | ||
R1 | 39.36 | 0.102 % | ||
Current price | 39.32 | |||
Support | S1 | 39.13 | -0.483% | |
S2 | 39.06 | -0.661% | ||
S3 | 38.94 | -0.97% |
FTS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 12, 2024 | May 16, 2024 | Jun 01, 2024 | $0.438 | 1.11% |
2 | Dec 08, 2023 | Feb 15, 2024 | Mar 01, 2024 | $0.435 | 1.13% |
3 | Sep 19, 2023 | Nov 16, 2023 | Dec 01, 2023 | $0.440 | 1.08% |
4 | Aug 01, 2023 | Aug 18, 2023 | Sep 01, 2023 | $0.427 | 1.09% |
5 | Feb 09, 2023 | May 16, 2023 | Jun 01, 2023 | $0.420 | 0.99% |
FAQ
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