Monterey Capital Acquisition Corporation Stock Forecast
High volatility in Monterey Capital Acquisition Corporation stock price on Wednesday which ended trading at $0.179
(Updated on Jun 26, 2024)
The Monterey Capital Acquisition Corporation stock price fell by -0.556% on the last day (Wednesday, 26th Jun 2024) from $0.180 to $0.179. During the last trading day the stock fluctuated 21.66% from a day low at $0.171 to a day high of $0.208. The price has been going up and down for this period, and there has been a 37.48% gain for the last 2 weeks. Volume has increased on the last day by 123 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 126 thousand shares were bought and sold for approximately $22.47 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.181 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 17.26% during the next 3 months and, with a 90% probability hold a price between $0.153 and $0.212 at the end of this 3-month period.
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MCACR Signals & Forecast
The Monterey Capital Acquisition 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 $0.167 and $0.148. 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, June 25, 2024, and so far it has fallen -0.556%. Further fall is indicated until a new bottom pivot has been found. Monterey Capital Acquisition Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Monterey Capital Acquisition Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.160 and $0.140. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Monterey Capital Acquisition Corporation finds support just below today's level at $0.160. If this is broken, then the next support from accumulated volume will be at $0.140 and $0.140.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0371 between high and low, or 21.66%. For the last week, the stock has had daily average volatility of 12.78%.
Our recommended stop-loss: $0.174 (-2.80%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (MCACR) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Monterey Capital Acquisition Corporation to open at $0.186, and during the day (based on 14 day Average True Range), to move between $0.161 and $0.197, which gives a possible trading interval of +/-$0.0178 (+/-9.93%) up or down from last closing price. If Monterey Capital Acquisition Corporation takes out the full calculated possible swing range there will be an estimated 19.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.180 (0.50%) than the support at $0.160 (10.61%), 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 Monterey Capital Acquisition Corporation stock A Buy?
Monterey Capital Acquisition 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: 0.901 Hold/Accumulate Downgraded
Predicted Opening Price for Monterey Capital Acquisition Corporation of Thursday, June 27, 2024
Fair opening price June 27, 2024 | Current price |
---|---|
$0.186 ( 4.04%) | $0.179 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MCACR
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.223 | 24.77% |
R2 | 0.209 | 16.85% |
R1 | 0.200 | 11.96% |
Price | 0.179 | |
S1 | 0.172 | -3.88% |
S2 | 0.163 | -8.77% |
S3 | 0.149 | -16.69% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0.180 | 0.559% |
R1 | 0.180 | 0.503% |
Price | 0.179 | |
S1 | 0.160 | -10.61% |
S2 | 0.140 | -21.79% |
S3 | 0.140 | -21.84% |
FAQ
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