Mayville Engineering Company, Inc. Stock Forecast
Green day on Monday for Mayville Engineering Company, Inc.
(Updated on Jun 17, 2024)
The Mayville Engineering Company, Inc. stock price gained 3.28% on the last trading day (Monday, 17th Jun 2024), rising from $16.45 to $16.99. During the last trading day the stock fluctuated 3.66% from a day low at $16.40 to a day high of $17.00. The price has risen in 5 of the last 10 days and is up by 7.06% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 thousand more shares were traded than the day before. In total, 79 thousand shares were bought and sold for approximately $1.34 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 23.10% during the next 3 months and, with a 90% probability hold a price between $19.20 and $21.72 at the end of this 3-month period.
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MEC Signals & Forecast
The Mayville Engineering Company, Inc. 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 $16.68 and $15.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 26.89%. Further rise is indicated until a new top pivot has been found. Mayville Engineering Company, Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Monday, November 13, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Monday, November 13, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Mayville Engineering Company, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $16.03 and $15.00. 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, Mayville Engineering Company, Inc. finds support just below today's level at $16.03. If this is broken, then the next support from accumulated volume will be at $15.00 and $13.89.
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 $0.600 between high and low, or 3.66%. For the last week, the stock has had daily average volatility of 2.58%.
Our recommended stop-loss: $16.38 (-3.60%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 60 days ago.)
Trading Expectations (MEC) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Mayville Engineering Company, Inc. to open at $16.80, and during the day (based on 14 day Average True Range), to move between $16.52 and $17.46, which gives a possible trading interval of +/-$0.474 (+/-2.79%) up or down from last closing price. If Mayville Engineering Company, Inc. takes out the full calculated possible swing range there will be an estimated 5.58% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $16.03, some $0.96 (5.65%) from the current price of $16.99, our system finds the risk reward attractive.
Is Mayville Engineering Company, Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mayville Engineering Company, Inc. stock to perform well in the short-term.
Current score: 4.247 Buy Candidate Unchanged
Predicted Opening Price for Mayville Engineering Company, Inc. of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $16.80 ( 1.14%) | $16.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.40 | 2.39% |
| R2 | 17.17 | 1.04% |
| R1 | 17.03 | 0.211% |
| Price | 16.99 | |
| S1 | 16.57 | -2.49% |
| S2 | 16.43 | -3.32% |
| S3 | 16.20 | -4.67% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 16.99 | |
| S1 | 16.03 | -5.65% |
| S2 | 15.00 | -11.71% |
| S3 | 13.89 | -18.25% |
FAQ
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