Meridian Energy Limited Stock Forecast
Meridian Energy Limited stock price ended at $6.56 on Tuesday, after losing 0.606%.
(Updated on Jul 02, 2024)
The Meridian Energy Limited stock price fell by -0.606% on the last day (Tuesday, 2nd Jul 2024) from $6.60 to $6.56. During the last trading day the stock fluctuated 2.10% from a day low at $6.43 to a day high of $6.57. The price has been going up and down for this period, and there has been a 4.63% gain 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 -638 thousand shares and in total, 1 million shares were bought and sold for approximately $8.10 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 10.66% during the next 3 months and, with a 90% probability hold a price between $6.82 and $7.72 at the end of this 3-month period.
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MEL.NZ Signals & Forecast
The Meridian Energy Limited 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 $6.35 and $6.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 7.54%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Meridian Energy Limited stock
Meridian Energy Limited finds support from accumulated volume at $6.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.135 (2.10%) between high and low. For the last week, the stock has had daily average volatility of 4.01%.
Our recommended stop-loss: $6.17 (-5.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (MEL.NZ) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Meridian Energy Limited to open at $6.52, and during the day (based on 14 day Average True Range), to move between $6.38 and $6.74, which gives a possible trading interval of +/-$0.184 (+/-2.81%) up or down from last closing price. If Meridian Energy Limited takes out the full calculated possible swing range there will be an estimated 5.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.55 (0.15%) than the resistance at $6.60 (0.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Meridian Energy Limited stock A Buy?
Meridian Energy Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.758 Strong Buy Candidate Unchanged
Predicted Opening Price for Meridian Energy Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $6.52 ( 0.635%) | $6.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEL.NZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.65 | 1.42% |
| R2 | 6.60 | 0.637% |
| R1 | 6.57 | 0.151% |
| Price | 6.56 | |
| S1 | 6.47 | -1.42% |
| S2 | 6.43 | -1.91% |
| S3 | 6.38 | -2.69% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 6.76 | 3.05% |
| R1 | 6.60 | 0.610% |
| Price | 6.56 | |
| S1 | 6.55 | -0.152% |
| S2 | 6.17 | -5.95% |
| S3 | 6.10 | -7.01% |
MEL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 08, 2024 | Mar 08, 2024 | Mar 26, 2024 | $0.0702 | 1.20% |
| 2 | Sep 06, 2023 | Sep 06, 2023 | Sep 06, 2023 | $0.119 | 2.27% |
| 3 | Mar 07, 2023 | Mar 07, 2023 | Mar 07, 2023 | $0.0600 | 1.14% |
| 4 | Sep 07, 2022 | Sep 07, 2022 | Sep 07, 2022 | $0.150 | 3.07% |
| 5 | Mar 17, 2022 | Mar 17, 2022 | Mar 17, 2022 | $0.0585 | 1.16% |
FAQ
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