TransAlta Corporation Stock Forecast
Stronger technical forecast for TransAlta Corporation stock price after Friday trading.
(Updated on Apr 19, 2024)
The TransAlta Corporation stock price gained 0.311% on the last trading day (Friday, 19th Apr 2024), rising from $6.43 to $6.45. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.27% from a day low at $6.40 to a day high of $6.55. The price has risen in 7 of the last 10 days and is up by 1.74% 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, 145 thousand more shares were traded than the day before. In total, 961 thousand shares were bought and sold for approximately $6.20 million.
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 $6.53 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 -16.22% during the next 3 months and, with a 90% probability hold a price between $4.99 and $5.47 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, 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 $6.22 and $6.45. 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 6.44%. 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
TransAlta Corporation finds support from accumulated volume at $6.43 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 $0.145 (2.27%) between high and low. For the last week, the stock has had daily average volatility of 2.56%.
Our recommended stop-loss: $6.19 (-4.03%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (TAC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect TransAlta Corporation to open at $6.47, and during the day (based on 14 day Average True Range), to move between $6.27 and $6.63, which gives a possible trading interval of +/-$0.175 (+/-2.72%) up or down from last closing price. If TransAlta Corporation takes out the full calculated possible swing range there will be an estimated 5.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.43 (0.31%) than the resistance at $6.87 (6.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.261 Hold/Accumulate Upgraded
Predicted Opening Price for TransAlta Corporation of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $6.47 ( 0.233%) | $6.45 |
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 | 6.61 | 2.48 % | |
| R2 | 6.55 | 1.62 % | ||
| R1 | 6.52 | 1.09 % | ||
| Current price: | 6.45 | |||
| Support | S1 | 6.41 | -0.626 % | |
| S2 | 6.38 | -1.16 % | ||
| S3 | 6.32 | -2.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.33 | 13.64 % | |
| R2 | 7.01 | 8.68 % | ||
| R1 | 6.87 | 6.51 % | ||
| Current price | 6.45 | |||
| Support | S1 | 6.43 | -0.310% | |
| S2 | 6.38 | -1.09% | ||
| S3 | 6.31 | -2.17% |
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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