MELCO HOLDINGS INC. Stock Forecast
Stronger technical forecast for MELCO HOLDINGS INC. stock price after Friday trading.
(Updated on May 31, 2024)
The MELCO HOLDINGS INC. stock price gained 2.20% on the last trading day (Friday, 31st May 2024), rising from JP¥3,415.00 to JP¥3,490.00. During the last trading day the stock fluctuated 4.09% from a day low at JP¥3,420.00 to a day high of JP¥3,560.00. The price has fallen in 6 of the last 10 days and is down by -4.25% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 185 thousand more shares were traded than the day before. In total, 210 thousand shares were bought and sold for approximately JP¥731.50 million.
The stock lies in the middle of a wide and weak 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 6.08% during the next 3 months and, with a 90% probability hold a price between JP¥3,522.15 and JP¥4,146.12 at the end of this 3-month period.
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6676.T Signals & Forecast
There are mixed signals in the stock today. The MELCO HOLDINGS INC. 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 JP¥3,501.71. On a fall, the stock will find some support from the short-term average at JP¥3,466.43. 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. A sell signal was issued from a pivot top point on Tuesday, May 14, 2024, and so far it has fallen -9.59%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell 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 MELCO HOLDINGS INC. stock
MELCO HOLDINGS INC. finds support from accumulated volume at JP¥3,460.00 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¥140.00 between high and low, or 4.09%. For the last week, the stock has had daily average volatility of 2.40%.
Our recommended stop-loss: JP¥3,334.92 (-4.44%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (6676.T) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect MELCO HOLDINGS INC. to open at JP¥3,490.00, and during the day (based on 14 day Average True Range), to move between JP¥3,388.95 and JP¥3,591.05, which gives a possible trading interval of +/-JP¥101.05 (+/-2.90%) up or down from last closing price. If MELCO HOLDINGS INC. takes out the full calculated possible swing range there will be an estimated 5.79% 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¥3,460.00 (0.86%) than the resistance at JP¥3,530.00 (1.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MELCO HOLDINGS INC. stock A Buy?
MELCO HOLDINGS INC. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.176 Hold/Accumulate Upgraded
Predicted Opening Price for MELCO HOLDINGS INC. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| JP¥3,490.00 ( 0%) | JP¥3,490.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6676.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,630.00 | 4.01 % | |
| R2 | 3,576.52 | 2.48 % | ||
| R1 | 3,543.48 | 1.53 % | ||
| Current price: | 3,490.00 | |||
| Support | S1 | 3,436.52 | -1.53 % | |
| S2 | 3,403.48 | -2.48 % | ||
| S3 | 3,350.00 | -4.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,860.00 | 10.60 % | |
| R2 | 3,655.00 | 4.73 % | ||
| R1 | 3,530.00 | 1.15 % | ||
| Current price | 3,490.00 | |||
| Support | S1 | 3,460.00 | -0.86% | |
| S2 | 3,420.00 | -2.01% | ||
| S3 | 3,415.00 | -2.15% |
6676 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 | Mar 28, 2024 | JP¥0 | 0% |
| 3 | Mar 30, 2023 | Mar 30, 2023 | Mar 30, 2023 | JP¥60.00 | 1.88% |
| 4 | Sep 29, 2022 | Sep 29, 2022 | Sep 29, 2022 | JP¥60.00 | 1.94% |
| 5 | Mar 30, 2022 | Mar 30, 2022 | Mar 30, 2022 | JP¥60.00 | 1.51% |
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