Mednax Inc Stock Forecast
Stronger technical forecast for Mednax Inc stock price after Friday trading.
(Updated on Apr 26, 2024)
The Mednax Inc stock price gained 1.57% on the last trading day (Friday, 26th Apr 2024), rising from $8.90 to $9.04. During the last trading day the stock fluctuated 3.17% from a day low at $8.84 to a day high of $9.12. The price has fallen in 5 of the last 10 days and is down by -2.16% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 237 thousand more shares were traded than the day before. In total, 632 thousand shares were bought and sold for approximately $5.72 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Mednax Inc stock with a 90% probability to be traded between $8.73 and $10.25 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MD Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 2.61%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mednax Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.06 and $9.32. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Mednax Inc stock
Mednax Inc finds support from accumulated volume at $8.89 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 $0.280 between high and low, or 3.17%. For the last week, the stock has had daily average volatility of 4.17%.
Our recommended stop-loss: $8.54 (-5.54%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (MD) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Mednax Inc to open at $9.00, and during the day (based on 14 day Average True Range), to move between $8.73 and $9.35, which gives a possible trading interval of +/-$0.315 (+/-3.48%) up or down from last closing price. If Mednax Inc takes out the full calculated possible swing range there will be an estimated 6.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.89 (1.66%) than the resistance at $9.28 (2.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mednax Inc stock A Buy?
Mednax Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.282 Hold/Accumulate Upgraded
Predicted Opening Price for Mednax Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $9.00 ( 0.442%) | $9.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.28 | 2.65 % | |
| R2 | 9.17 | 1.47 % | ||
| R1 | 9.11 | 0.741 % | ||
| Current price: | 9.04 | |||
| Support | S1 | 8.89 | -1.63 % | |
| S2 | 8.83 | -2.36 % | ||
| S3 | 8.72 | -3.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.48 | 4.87 % | |
| R2 | 9.36 | 3.54 % | ||
| R1 | 9.28 | 2.65 % | ||
| Current price | 9.04 | |||
| Support | S1 | 8.89 | -1.66% | |
| S2 | 8.81 | -2.54% | ||
| S3 | 8.46 | -6.42% |
FAQ
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