Myers Industries Inc Stock Forecast
Big movements in Myers Industries Inc stock price on Tuesday moving 12.54% between high and low
(Updated on May 07, 2024)
The Myers Industries Inc stock price fell by -20.75% on the last day (Tuesday, 7th May 2024) from $22.99 to $18.22. During the last trading day the stock fluctuated 12.54% from a day low at $17.86 to a day high of $20.10. The price has risen in 7 of the last 10 days but is still down by -17.26% for this period. Volume has increased on the last day by 641 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 924 thousand shares were bought and sold for approximately $16.83 million.
Given the current short-term trend, the stock is expected to rise 15.57% during the next 3 months and, with a 90% probability hold a price between $21.06 and $28.60 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MYE Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Myers Industries Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $21.87 and $22.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -21.53%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Myers Industries Inc stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $2.24 (12.54%) between high and low. For the last week, the stock has had daily average volatility of 3.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MYE) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Myers Industries Inc to open at $18.73, and during the day (based on 14 day Average True Range), to move between $17.45 and $18.99, which gives a possible trading interval of +/-$0.767 (+/-4.21%) up or down from last closing price. If Myers Industries Inc takes out the full calculated possible swing range there will be an estimated 8.42% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $20.84, some $2.62 (14.38%) from the current price of $18.22, our system finds the risk reward not very attractive.
Is Myers Industries Inc stock A Buy?
The Myers Industries Inc stock holds several negative signals and despite the positive trend, we believe Myers Industries Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Sell candidate.
Current score: -2.875 Sell Candidate Downgraded
Predicted Opening Price for Myers Industries Inc of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $18.73 ( 2.78%) | $18.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.97 | 15.08 % | |
| R2 | 20.11 | 10.38 % | ||
| R1 | 19.58 | 7.48 % | ||
| Current price: | 18.22 | |||
| Support | S1 | 17.87 | -1.92 % | |
| S2 | 17.34 | -4.82 % | ||
| S3 | 16.49 | -9.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.65 | 18.83 % | |
| R2 | 20.87 | 14.54 % | ||
| R1 | 20.84 | 14.38 % | ||
| Current price | 18.22 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
MYE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 01, 2024 | Mar 14, 2024 | Apr 04, 2024 | $0.135 | 0.611% |
| 2 | Oct 26, 2023 | Dec 01, 2023 | Jan 03, 2024 | $0.140 | 0.730% |
| 3 | Sep 01, 2023 | Sep 12, 2023 | Oct 04, 2023 | $0.140 | 0.795% |
| 4 | Jun 05, 2023 | Jun 15, 2023 | Jul 05, 2023 | $0.135 | 0.700% |
| 5 | Mar 03, 2023 | Mar 15, 2023 | Apr 04, 2023 | $0.135 | 0.651% |
FAQ
Click here for our free guide on how to buy Myers Industries Inc Stock.
