Methode Electronics Inc Stock Forecast
A very red day for Methode Electronics Inc stock price after a -5.45% fall in the Friday trading session
(Updated on Apr 19, 2024)
The Methode Electronics Inc stock price fell by -5.45% on the last day (Friday, 19th Apr 2024) from $12.30 to $11.63. During the last trading day the stock fluctuated 7.69% from a day low at $11.57 to a day high of $12.46. The price has been going up and down for this period, and there has been a -3.41% loss for the last 2 weeks. Volume has increased on the last day by 141 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, 433 thousand shares were bought and sold for approximately $5.04 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 -48.36% during the next 3 months and, with a 90% probability hold a price between $3.89 and $7.40 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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MEI Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 3.75%. Further rise is indicated until a new top pivot has been found. 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. The Methode Electronics 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 $12.29 and $13.35. A break-up above any of these levels will issue buy signals. 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 Methode Electronics Inc stock
Methode Electronics Inc finds support from accumulated volume at $11.45 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 $0.89 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 3.72%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MEI) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Methode Electronics Inc to open at $11.89, and during the day (based on 14 day Average True Range), to move between $11.04 and $12.22, which gives a possible trading interval of +/-$0.590 (+/-5.08%) up or down from last closing price. If Methode Electronics Inc takes out the full calculated possible swing range there will be an estimated 10.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.45 (1.55%) than the resistance at $12.00 (3.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Methode Electronics Inc stock A Buy?
Methode Electronics Inc 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: -2.418 Sell Candidate Unchanged
Predicted Opening Price for Methode Electronics Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $11.89 ( 2.21%) | $11.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.78 | 9.86 % | |
| R2 | 12.44 | 6.94 % | ||
| R1 | 12.23 | 5.13 % | ||
| Current price: | 11.63 | |||
| Support | S1 | 11.55 | -0.716 % | |
| S2 | 11.34 | -2.52 % | ||
| S3 | 11.00 | -5.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.49 | 24.59 % | |
| R2 | 12.23 | 5.16 % | ||
| R1 | 12.00 | 3.18 % | ||
| Current price | 11.63 | |||
| Support | S1 | 11.45 | -1.55% | |
| S2 | 11.21 | -3.61% | ||
| S3 | 0 | . |
MEI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 11, 2024 | Apr 11, 2024 | Apr 26, 2024 | $0.140 | 1.20% |
| 2 | Jan 11, 2024 | Jan 11, 2024 | Jan 26, 2024 | $0.140 | 0.658% |
| 3 | Sep 13, 2023 | Oct 12, 2023 | Oct 27, 2023 | $0.140 | 0.616% |
| 4 | Jun 15, 2023 | Jul 13, 2023 | Jul 28, 2023 | $0.140 | 0.428% |
| 5 | Mar 16, 2023 | Apr 13, 2023 | Apr 28, 2023 | $0.140 | 0.342% |
FAQ
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