First Merchants Corporation Stock Forecast

First Merchants Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)

FRME Signals & Forecast

The First Merchants Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $34.26. On a fall, the stock will find some support from the long-term average at approximately $33.66. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 2.30%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Friday, March 01, 2024 and based on theory for this formation the price should go up by 0.160% to $34.24 within 12 trading days since signal was issued (Thursday, May 02, 2024).

Support, Risk & Stop-loss for First Merchants Corporation stock

First Merchants Corporation finds support from accumulated volume at $34.02 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 $1.32 (3.93%) between high and low. For the last week, the stock has had daily average volatility of 3.17%.

Our recommended stop-loss: $32.66 (-4.46%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)

Trading Expectations (FRME) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect First Merchants Corporation to open at $34.14, and during the day (based on 14 day Average True Range), to move between $33.26 and $35.12, which gives a possible trading interval of +/-$0.93 (+/-2.73%) up or down from last closing price. If First Merchants Corporation takes out the full calculated possible swing range there will be an estimated 5.46% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $34.23 (0.12%) than the support at $34.02 (0.50%), 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 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.509 Hold/Accumulate Upgraded

Predicted Opening Price for First Merchants Corporation of Thursday, May 2, 2024

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