TransAlta Corporation Stock Forecast

Green day on Thursday for TransAlta Corporation
(Updated on Apr 25, 2024)

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.

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

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