Mitsubishi Steel Mfg.Co.,Ltd. Stock Forecast

Stronger technical forecast for Mitsubishi Steel Mfg.Co.,Ltd. stock price after Friday trading.
(Updated on May 31, 2024)

5632.T Signals & Forecast

Mostly positive signals in the chart today. The Mitsubishi Steel Mfg.Co.,Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at JP¥1,504.29 and JP¥1,438.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 12.25%. 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. The stock had a Golden Star Signal on Friday, December 29, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Mitsubishi Steel Mfg.Co.,Ltd. stock

Mitsubishi Steel Mfg.Co.,Ltd. finds support from accumulated volume at JP¥1,522.00 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 JP¥28.00 between high and low, or 1.86%. For the last week, the stock has had daily average volatility of 1.72%.

The Mitsubishi Steel Mfg.Co.,Ltd. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: JP¥1,477.06 (-3.46%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 44 days ago.)

Trading Expectations (5632.T) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Mitsubishi Steel Mfg.Co.,Ltd. to open at JP¥1,522.67, and during the day (based on 14 day Average True Range), to move between JP¥1,497.90 and JP¥1,562.10, which gives a possible trading interval of +/-JP¥32.10 (+/-2.10%) up or down from last closing price. If Mitsubishi Steel Mfg.Co.,Ltd. takes out the full calculated possible swing range there will be an estimated 4.20% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ JP¥1,522.00, some JP¥8.00 (0.52%) from the current price of JP¥1,530.00, our system finds the risk reward attractive.

Is Mitsubishi Steel Mfg.Co.,Ltd. stock A Buy?

Mitsubishi Steel Mfg.Co.,Ltd. holds several positive signals and is considered to be a good choice at current levels. We expect the Mitsubishi Steel Mfg.Co.,Ltd. stock to perform great in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.049 Strong Buy Candidate Upgraded

Predicted Opening Price for Mitsubishi Steel Mfg.Co.,Ltd. of Monday, June 3, 2024

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