Madison Square Garden Entertainment Stock Forecast
Madison Square Garden Entertainment stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Madison Square Garden Entertainment stock price gained 0.0810% on the last trading day (Friday, 17th May 2024), rising from $37.05 to $37.08. It has now gained 4 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 2.08% from a day low at $37.02 to a day high of $37.79. The price has risen in 6 of the last 10 days but is still down by -7.99% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 80 thousand more shares were traded than the day before. In total, 321 thousand shares were bought and sold for approximately $11.91 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $36.48 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Madison Square Garden Entertainment stock with a 90% probability to be traded between $37.12 and $41.13 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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MSGE Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 1.78%. 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 Madison Square Garden Entertainment 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 $38.80. On a fall, the stock will find some support from the short-term average at $36.86. 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).
Support, Risk & Stop-loss for Madison Square Garden Entertainment stock
Madison Square Garden Entertainment finds support from accumulated volume at $37.00 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 $0.770 between high and low, or 2.08%. For the last week, the stock has had daily average volatility of 1.97%.
Our recommended stop-loss: $34.94 (-5.77%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (MSGE) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Madison Square Garden Entertainment Corp. to open at $37.30, and during the day (based on 14 day Average True Range), to move between $36.01 and $38.15, which gives a possible trading interval of +/-$1.07 (+/-2.88%) up or down from last closing price. If Madison Square Garden Entertainment Corp. takes out the full calculated possible swing range there will be an estimated 5.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $37.00 (0.22%) than the resistance at $38.08 (2.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Madison Square Garden Entertainment Corp. 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 Madison Square Garden Entertainment stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.386 Buy Candidate Upgraded
Predicted Opening Price for Madison Square Garden Entertainment Corp. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $37.30 ( 0.584%) | $37.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MSGE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.07 | 2.66 % | |
| R2 | 37.77 | 1.87 % | ||
| R1 | 37.59 | 1.38 % | ||
| Current price: | 37.08 | |||
| Support | S1 | 37.00 | -0.209 % | |
| S2 | 36.82 | -0.699 % | ||
| S3 | 36.53 | -1.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.30 | 8.68 % | |
| R2 | 39.94 | 7.71 % | ||
| R1 | 38.08 | 2.70 % | ||
| Current price | 37.08 | |||
| Support | S1 | 37.00 | -0.216% | |
| S2 | 36.89 | -0.512% | ||
| S3 | 36.43 | -1.75% |
FAQ
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