TransAlta Corporation Stock Forecast
Green day on Thursday for TransAlta Corporation
(Updated on Apr 25, 2024)
The TransAlta Corporation stock price gained 3.17% on the last trading day (Thursday, 25th Apr 2024), rising from $6.62 to $6.83. It has now gained 9 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 5.07% from a day low at $6.51 to a day high of $6.84. The price has risen in 9 of the last 10 days and is up by 10.7% 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, 609 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $8.47 million.
Given the current short-term trend, the stock is expected to fall -13.14% during the next 3 months and, with a 90% probability hold a price between $5.13 and $5.93 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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TAC Signals & Forecast
The TransAlta 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 $6.51 and $6.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 12.71%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for TransAlta Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.45 and $6.43. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, TransAlta Corporation finds support just below today's level at $6.45. If this is broken, then the next support from accumulated volume will be at $6.43 and $6.31.
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 $0.330 (5.07%) between high and low. For the last week, the stock has had daily average volatility of 3.01%.
Since the TransAlta Corporation has been rising for 9 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $6.58 (-3.60%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (TAC) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect TransAlta Corporation to open at $6.73, and during the day (based on 14 day Average True Range), to move between $6.65 and $7.01, which gives a possible trading interval of +/-$0.184 (+/-2.70%) up or down from last closing price. If TransAlta Corporation takes out the full calculated possible swing range there will be an estimated 5.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.87 (0.59%) than the support at $6.45 (5.56%), 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
TransAlta Corporation will release earnings BMO on Friday, May 03, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.130. We will update the financials statements for TransAlta Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.42% in the first trading day after earnings release.
Is TransAlta Corporation stock A Buy?
TransAlta Corporation 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for TransAlta Corporation of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$6.73 ( 1.51%) | $6.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TAC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.06 | 3.32 % | |
R2 | 6.93 | 1.47 % | ||
R1 | 6.85 | 0.333 % | ||
Current price: | 6.83 | |||
Support | S1 | 6.60 | -3.36 % | |
S2 | 6.52 | -4.50 % | ||
S3 | 6.40 | -6.34 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.33 | 7.32 % | |
R2 | 7.01 | 2.64 % | ||
R1 | 6.87 | 0.586 % | ||
Current price | 6.83 | |||
Support | S1 | 6.45 | -5.56% | |
S2 | 6.43 | -5.86% | ||
S3 | 6.31 | -7.61% |
TAC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Nov 22, 2023 | Feb 29, 2024 | Apr 01, 2024 | $0.0437 | 0.682% |
2 | Oct 30, 2023 | Nov 30, 2023 | Jan 01, 2024 | $0.0400 | 0.481% |
3 | Jul 27, 2023 | Aug 31, 2023 | Oct 01, 2023 | $0.0420 | 0.483% |
4 | Apr 27, 2023 | May 31, 2023 | Jul 01, 2023 | $0.0400 | 0.427% |
5 | Dec 12, 2022 | Feb 28, 2023 | Apr 01, 2023 | $0.0410 | 0.469% |
FAQ
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