MEGA METAL Stock Forecast
MEGA METAL stock price down 1.71% on Tuesday
(Updated on May 14, 2024)
The MEGA METAL stock price fell by -1.71% on the last day (Tuesday, 14th May 2024) from TRY 42.20 to TRY 41.48. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.59% from a day low at TRY 41.20 to a day high of TRY 42.68. The price has been going up and down for this period, and there has been a -9.83% loss for the last 2 weeks. Volume has increased on the last day by 2 million 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, 8 million shares were bought and sold for approximately TRY 328.05 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -24.51% during the next 3 months and, with a 90% probability hold a price between TRY 24.33 and TRY 37.12 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MEGMT.IS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 04, 2024, and so far it has risen 7.57%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The MEGA METAL stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at TRY 44.63 and TRY 44.32. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for MEGA METAL stock
MEGA METAL finds support from accumulated volume at TRY 41.10 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 TRY 1.48 between high and low, or 3.59%. For the last week, the stock has had daily average volatility of 5.39%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MEGMT.IS) For The Upcoming Trading Day Of Wednesday 15th
For the upcoming trading day on Wednesday, 15th we expect MEGA METAL to open at TRY 41.79, and during the day (based on 14 day Average True Range), to move between TRY 38.47 and TRY 44.49, which gives a possible trading interval of +/-TRY 3.01 (+/-7.27%) up or down from last closing price. If MEGA METAL takes out the full calculated possible swing range there will be an estimated 14.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at TRY 41.10 (0.92%) than the resistance at TRY 42.82 (3.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MEGA METAL stock A Buy?
MEGA METAL holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.173 Sell Candidate Unchanged
Predicted Opening Price for MEGA METAL of Wednesday, May 15, 2024
| Fair opening price May 15, 2024 | Current price |
|---|---|
| TRY 41.79 ( 0.739%) | TRY 41.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEGMT.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.27 | 4.31 % | |
| R2 | 42.70 | 2.94 % | ||
| R1 | 42.35 | 2.10 % | ||
| Current price: | 41.48 | |||
| Support | S1 | 41.22 | -0.624 % | |
| S2 | 40.87 | -1.47 % | ||
| S3 | 40.31 | -2.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.86 | 12.97 % | |
| R2 | 45.50 | 9.69 % | ||
| R1 | 42.82 | 3.23 % | ||
| Current price | 41.48 | |||
| Support | S1 | 41.10 | -0.92% | |
| S2 | 40.28 | -2.89% | ||
| S3 | 39.70 | -4.29% |
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