Imax Corporation Stock Forecast
Imax Corporation stock upgraded from Buy Candidate to Strong Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Imax Corporation stock price gained 1.69% on the last trading day (Tuesday, 23rd Apr 2024), rising from $17.15 to $17.44. It has now gained 6 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 2.14% from a day low at $17.10 to a day high of $17.46. The price has risen in 7 of the last 10 days and is up by 5% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 144 thousand more shares were traded than the day before. In total, 808 thousand shares were bought and sold for approximately $14.09 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 19.63% during the next 3 months and, with a 90% probability hold a price between $19.40 and $23.33 at the end of this 3-month period.
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IMAX Signals & Forecast
The Imax 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 $17.01 and $16.45. 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). 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. A sell signal was issued from a pivot top point on Wednesday, February 28, 2024, and so far it has fallen -0.570%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Imax Corporation stock
Imax Corporation finds support from accumulated volume at $17.13 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 $0.365 between high and low, or 2.14%. For the last week, the stock has had daily average volatility of 2.11%.
Since the Imax Corporation has been rising for 6 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: $16.82 (-3.57%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a sell signal from a pivot top found 38 days ago.)
Trading Expectations (IMAX) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Imax Corporation to open at $17.33, and during the day (based on 14 day Average True Range), to move between $16.99 and $17.89, which gives a possible trading interval of +/-$0.453 (+/-2.60%) up or down from last closing price. If Imax Corporation takes out the full calculated possible swing range there will be an estimated 5.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $17.54 (0.57%) than the support at $17.13 (1.78%), 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
Imax Corporation will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0900. We will update the financials statements for Imax Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.80% in the first trading day after earnings release.
Is Imax Corporation stock A Buy?
Imax Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.688 Strong Buy Candidate Upgraded
Predicted Opening Price for Imax Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $17.33 ( 0.621%) | $17.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IMAX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.70 | 1.47 % | |
| R2 | 17.56 | 0.672 % | ||
| R1 | 17.47 | 0.178 % | ||
| Current price: | 17.44 | |||
| Support | S1 | 17.19 | -1.42 % | |
| S2 | 17.11 | -1.91 % | ||
| S3 | 16.97 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 17.54 | 0.573 % | ||
| Current price | 17.44 | |||
| Support | S1 | 17.13 | -1.78% | |
| S2 | 16.87 | -3.27% | ||
| S3 | 15.71 | -9.92% |
FAQ
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