Evaluation of Macatawa Bank Corporation stock downgraded after the last trading session.
(Updated on Dec 07, 2021)
Sell candidate since 2021-12-07 PDF
The Macatawa Bank Corporation stock price fell by -1.14% on the last day (Tuesday, 7th Dec 2021) from $8.74 to $8.64. During the day the stock fluctuated 1.86% from a day low at $8.61 to a day high of $8.77. The price has been going up and down for this period, and there has been a -3.03% 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 -71 thousand shares and in total, 54 thousand shares were bought and sold for approximately $462.37 thousand.
The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $8.52 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.39% during the next 3 months and, with a 90% probability hold a price between $9.83 and $10.59 at the end of this 3-month period.
Signals & Forecast
The Macatawa Bank 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 $8.56 and $8.61. A breakdown below any of these levels will issue sell signals. 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 Wednesday, November 24, 2021, and so far it has fallen -4.21%. 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 fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss
Macatawa Bank Corporation finds support from accumulated volume at $8.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.16 between high and low, or 1.86%. For the last week the stock has had a daily average volatility of 2.28%
Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.
Is Macatawa Bank Corporation stock A Buy?
Macatawa Bank Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Sell candidate.
Current score: -1.499
Predicted Opening Price for Macatawa Bank Corporation of Wednesday, December 8, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 8, 2021||Current price|
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