PennyMac Mortgage Investment Trust Stock Forecast
Green day on Thursday for PennyMac Mortgage Investment Trust
(Updated on May 02, 2024)
The PennyMac Mortgage Investment Trust stock price gained 1.19% on the last trading day (Thursday, 2nd May 2024), rising from $14.33 to $14.50. During the last trading day the stock fluctuated 2.25% from a day low at $14.22 to a day high of $14.54. The price has risen in 6 of the last 10 days and is up by 9.27% over the past 2 weeks. Volume fell on the last day by -533 thousand shares and in total, 542 thousand shares were bought and sold for approximately $7.86 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect PennyMac Mortgage Investment Trust stock with a 90% probability to be traded between $13.47 and $15.06 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PMT Signals & Forecast
Mostly positive signals in the chart today. The PennyMac Mortgage Investment Trust 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 $14.09 and $14.10. 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 9.60%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
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 8.49% to $15.73 within 44 trading days since signal was issued (Friday, May 03, 2024).
Support, Risk & Stop-loss for PennyMac Mortgage Investment Trust stock
PennyMac Mortgage Investment Trust finds support from accumulated volume at $13.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.320 between high and low, or 2.25%. For the last week, the stock has had daily average volatility of 2.09%.
Our recommended stop-loss: $14.01 (-3.39%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (PMT) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect PennyMac Mortgage Investment Trust to open at $14.42, and during the day (based on 14 day Average True Range), to move between $14.19 and $14.81, which gives a possible trading interval of +/-$0.307 (+/-2.12%) up or down from last closing price. If PennyMac Mortgage Investment Trust takes out the full calculated possible swing range there will be an estimated 4.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.60 (0.69%) than the support at $13.96 (3.72%), 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 PennyMac Mortgage Investment Trust stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for PennyMac Mortgage Investment Trust stock to perform well in the short-term period.
Current score: 1.138 Buy Candidate Unchanged
Predicted Opening Price for PennyMac Mortgage Investment Trust of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $14.42 ( 0.552%) | $14.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PMT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.74 | 1.66 % | |
| R2 | 14.62 | 0.81 % | ||
| R1 | 14.54 | 0.291 % | ||
| Current price: | 14.50 | |||
| Support | S1 | 14.30 | -1.39 % | |
| S2 | 14.22 | -1.92 % | ||
| S3 | 14.10 | -2.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.74 | 1.66 % | |
| R2 | 14.68 | 1.24 % | ||
| R1 | 14.60 | 0.690 % | ||
| Current price | 14.50 | |||
| Support | S1 | 13.96 | -3.72% | |
| S2 | 13.78 | -4.97% | ||
| S3 | 13.55 | -6.55% |
PMT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Apr 11, 2024 | Apr 26, 2024 | $0.400 | 2.84% |
| 2 | Dec 28, 2023 | Dec 28, 2023 | Jan 26, 2024 | $0.400 | 2.67% |
| 3 | Aug 31, 2023 | Oct 12, 2023 | Oct 27, 2023 | $0.400 | 3.26% |
| 4 | Jun 09, 2023 | Jul 13, 2023 | Jul 28, 2023 | $0.400 | 3.09% |
| 5 | Mar 15, 2023 | Apr 13, 2023 | Apr 28, 2023 | $0.400 | 3.22% |
FAQ
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