First Merchants Corporation Stock Forecast

First Merchants Corporation stock price up 1.35% on Thursday
(Updated on Apr 18, 2024)

FRME Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 1.35%. Further rise is indicated until a new top pivot has been found. 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. The First Merchants Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $33.61. On a fall, the stock will find some support from the short-term average at $32.86. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 10.17% to $36.27 within 21 trading days since signal was issued (Friday, April 19, 2024).

Support, Risk & Stop-loss for First Merchants Corporation stock

First Merchants Corporation finds support from accumulated volume at $32.90 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 $0.700 (2.16%) between high and low. For the last week, the stock has had daily average volatility of 2.07%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FRME) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect First Merchants Corporation to open at $32.79, and during the day (based on 14 day Average True Range), to move between $32.09 and $33.75, which gives a possible trading interval of +/-$0.83 (+/-2.52%) up or down from last closing price. If First Merchants Corporation takes out the full calculated possible swing range there will be an estimated 5.04% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $32.90 (0.06%) than the resistance at $33.74 (2.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is First Merchants Corporation stock A Buy?

First Merchants Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -2.068 Sell Candidate Unchanged

Predicted Opening Price for First Merchants Corporation of Friday, April 19, 2024

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