MEDINET Co.,Ltd. Stock Forecast
MEDINET Co.,Ltd. stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.
(Updated on May 20, 2024)
The MEDINET Co.,Ltd. stock price gained 2.17% on the last trading day (Monday, 20th May 2024), rising from JP¥46.00 to JP¥47.00. During the last trading day the stock fluctuated 6.67% from a day low at JP¥45.00 to a day high of JP¥48.00. The price has been going up and down for this period, and there has been a 4.44% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 900 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately JP¥74.84 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.84% during the next 3 months and, with a 90% probability hold a price between JP¥37.26 and JP¥42.82 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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2370.T Signals & Forecast
Mostly positive signals in the chart today. The MEDINET Co.,Ltd. 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 JP¥45.43 and JP¥46.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.44%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for MEDINET Co.,Ltd. stock
MEDINET Co.,Ltd. finds support from accumulated volume at JP¥46.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved JP¥3.00 between high and low, or 6.67%. For the last week the stock has had daily average volatility of 4.51%.
Our recommended stop-loss: JP¥45.36 (-3.50%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (2370.T) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect MEDINET Co.,Ltd. to open at JP¥46.67, and during the day (based on 14 day Average True Range), to move between JP¥45.38 and JP¥48.62, which gives a possible trading interval of +/-JP¥1.62 (+/-3.45%) up or down from last closing price. If MEDINET Co.,Ltd. takes out the full calculated possible swing range there will be an estimated 6.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at JP¥46.00 (2.13%) than the resistance at JP¥50.00 (6.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MEDINET Co.,Ltd. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.303 Buy Candidate Upgraded
Predicted Opening Price for MEDINET Co.,Ltd. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| JP¥46.67 ( 0.709%) | JP¥47.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2370.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.67 | 5.67 % | |
| R2 | 48.52 | 3.24 % | ||
| R1 | 47.81 | 1.73 % | ||
| Current price: | 47.00 | |||
| Support | S1 | 45.52 | -3.15 % | |
| S2 | 44.81 | -4.65 % | ||
| S3 | 43.67 | -7.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 52.00 | 10.64 % | |
| R2 | 51.00 | 8.51 % | ||
| R1 | 50.00 | 6.38 % | ||
| Current price | 47.00 | |||
| Support | S1 | 46.00 | -2.13% | |
| S2 | 45.00 | -4.26% | ||
| S3 | 0 | . |
FAQ
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