First Merchants Corporation Stock Forecast

Weaker technical forecast for First Merchants Corporation as stock downgraded to Hold/Accumulate.
(Updated on Jul 03, 2024)

FRME Signals & Forecast

The First Merchants Corporation 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 $32.58 and $32.79. 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, July 02, 2024, and so far it has fallen -2.03%. 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 First Merchants Corporation stock

First Merchants Corporation finds support from accumulated volume at $32.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.705 (2.15%) between high and low. For the last week, the stock has had daily average volatility of 2.21%.

Our recommended stop-loss: $31.43 (-4.18%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 12 days ago.)

Trading Expectations (FRME) For The Upcoming Trading Day Of Friday 5th

For the upcoming trading day on Friday, 5th we expect First Merchants Corporation to open at $33.03, and during the day (based on 14 day Average True Range), to move between $32.04 and $33.56, which gives a possible trading interval of +/-$0.760 (+/-2.32%) up or down from last closing price. If First Merchants Corporation takes out the full calculated possible swing range there will be an estimated 4.63% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $32.51 (0.88%) than the resistance at $33.29 (1.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is First Merchants Corporation stock A Buy?

First Merchants Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.140 Hold/Accumulate Downgraded

Predicted Opening Price for First Merchants Corporation of Friday, July 5, 2024

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