First Merchants Corporation Stock Forecast

Weaker technical forecast for First Merchants Corporation as stock downgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)

FRME Signals & Forecast

The First Merchants 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 $33.68 and $33.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 7.91%. 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. 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 3.47% to $36.27 within 21 trading days since signal was issued (Thursday, April 25, 2024).

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

First Merchants Corporation finds support from accumulated volume at $34.23 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 $0.96 (2.82%) between high and low. For the last week, the stock has had daily average volatility of 2.75%.

Our recommended stop-loss: $33.73 (-3.78%) (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 (FRME) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect First Merchants Corporation to open at $34.74, and during the day (based on 14 day Average True Range), to move between $34.19 and $35.91, which gives a possible trading interval of +/-$0.86 (+/-2.47%) up or down from last closing price. If First Merchants Corporation takes out the full calculated possible swing range there will be an estimated 4.93% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $35.06 (0.03%) than the support at $34.23 (2.34%), 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 First Merchants Corporation stock A Buy?

First Merchants 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.664 Hold/Accumulate Downgraded

Predicted Opening Price for First Merchants Corporation of Thursday, April 25, 2024

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