Mitsubishi Electric Corporation Stock Forecast
Red day on Tuesday for Mitsubishi Electric Corporation stock after losing 0.230%
(Updated on May 21, 2024)
The Mitsubishi Electric Corporation stock price fell by -0.230% on the last day (Tuesday, 21st May 2024) from JP¥2,824.50 to JP¥2,818.00. During the last trading day the stock fluctuated 1.12% from a day low at JP¥2,806.50 to a day high of JP¥2,838.00. The price has been going up and down for this period, and there has been a -1.33% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 3 million shares were bought and sold for approximately JP¥9.53 billion.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 16.19% during the next 3 months and, with a 90% probability hold a price between JP¥2,894.85 and JP¥3,400.14 at the end of this 3-month period.
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6503.T Signals & Forecast
The Mitsubishi Electric Corporation 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¥2,802.43 and JP¥2,607.94. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -1.33%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Mitsubishi Electric Corporation stock
Mitsubishi Electric Corporation finds support from accumulated volume at JP¥2,773.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved JP¥31.50 between high and low, or 1.12%. For the last week, the stock has had daily average volatility of 1.30%.
Our recommended stop-loss: JP¥2,717.69 (-3.56%) (This stock has high daily movements and this gives high risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (6503.T) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Mitsubishi Electric Corporation to open at JP¥2,820.83, and during the day (based on 14 day Average True Range), to move between JP¥2,748.18 and JP¥2,887.82, which gives a possible trading interval of +/-JP¥69.82 (+/-2.48%) up or down from last closing price. If Mitsubishi Electric Corporation takes out the full calculated possible swing range there will be an estimated 4.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at JP¥2,836.00 (0.64%) than the support at JP¥2,773.00 (1.60%), 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 Mitsubishi Electric Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mitsubishi Electric Corporation stock to perform well in the short-term.
Current score: 2.902 Buy Candidate Unchanged
Predicted Opening Price for Mitsubishi Electric Corporation of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| JP¥2,820.83 ( 0.101%) | JP¥2,818.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6503.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,852.33 | 1.22 % | |
| R2 | 2,840.30 | 0.791 % | ||
| R1 | 2,832.87 | 0.528 % | ||
| Current price: | 2,818.00 | |||
| Support | S1 | 2,808.80 | -0.326 % | |
| S2 | 2,801.37 | -0.590 % | ||
| S3 | 2,789.33 | -1.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,856.00 | 1.35 % | |
| R2 | 2,850.00 | 1.14 % | ||
| R1 | 2,836.00 | 0.639 % | ||
| Current price | 2,818.00 | |||
| Support | S1 | 2,773.00 | -1.60% | |
| S2 | 2,397.00 | -14.94% | ||
| S3 | 2,381.50 | -15.49% |
6503 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 27, 2024 | Sep 27, 2024 | Sep 27, 2024 | JP¥0 | 0% |
| 2 | Mar 28, 2024 | Mar 28, 2024 | Jun 01, 2024 | JP¥30.00 | 1.06% |
| 3 | Sep 28, 2023 | Sep 28, 2023 | Sep 28, 2023 | JP¥20.00 | 1.07% |
| 4 | Mar 30, 2023 | Mar 30, 2023 | Mar 30, 2023 | JP¥26.00 | 1.65% |
| 5 | Sep 29, 2022 | Sep 29, 2022 | Sep 29, 2022 | JP¥14.00 | 1.06% |
FAQ
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