Merko Gida Sanayi ve Ticaret A.S. Stock Forecast
Merko Gida Sanayi ve Ticaret A.S. stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Merko Gida Sanayi ve Ticaret A.S. stock price gained 4.03% on the last trading day (Friday, 3rd May 2024), rising from TRY 14.90 to TRY 15.50. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.20% from a day low at TRY 14.83 to a day high of TRY 15.75. The price has risen in 8 of the last 10 days and is up by 11.19% over the past 2 weeks. Volume fell on the last day by -775 thousand shares and in total, 4 million shares were bought and sold for approximately TRY 55.19 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at TRY 16.01 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 18.70% during the next 3 months and, with a 90% probability hold a price between TRY 15.97 and TRY 19.00 at the end of this 3-month period.
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MERKO.IS Signals & Forecast
Mostly positive signals in the chart today. The Merko Gida Sanayi ve Ticaret A.S. 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 TRY 14.84 and TRY 13.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 23.90%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Merko Gida Sanayi ve Ticaret A.S. stock
On the downside, the stock finds support just below today's level from accumulated volume at TRY 13.56 and TRY 12.21. 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, Merko Gida Sanayi ve Ticaret A.S. finds support just below today's level at TRY 13.56. If this is broken, then the next support from accumulated volume will be at TRY 12.21 and TRY 12.05.
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 0.92 between high and low, or 6.20%. For the last week, the stock has had daily average volatility of 5.23%.
Our recommended stop-loss: TRY 14.86 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (MERKO.IS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Merko Gida Sanayi ve Ticaret A.S. to open at TRY 15.36, and during the day (based on 14 day Average True Range), to move between TRY 14.67 and TRY 16.33, which gives a possible trading interval of +/-TRY 0.83 (+/-5.37%) up or down from last closing price. If Merko Gida Sanayi ve Ticaret A.S. takes out the full calculated possible swing range there will be an estimated 10.75% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ TRY 13.56, some TRY 1.94 (12.52%) from the current price of TRY 15.50, our system finds the risk reward attractive.
Is Merko Gida Sanayi ve Ticaret A.S. stock A Buy?
Merko Gida Sanayi ve Ticaret A.S. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.745 Strong Buy Candidate Upgraded
Predicted Opening Price for Merko Gida Sanayi ve Ticaret A.S. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| TRY 15.36 ( 0.90%) | TRY 15.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MERKO.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.28 | 5.03 % | |
| R2 | 15.93 | 2.76 % | ||
| R1 | 15.71 | 1.36 % | ||
| Current price: | 15.50 | |||
| Support | S1 | 15.01 | -3.17 % | |
| S2 | 14.79 | -4.57 % | ||
| S3 | 14.44 | -6.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 15.50 | |||
| Support | S1 | 13.56 | -12.52% | |
| S2 | 12.21 | -21.23% | ||
| S3 | 12.05 | -22.26% |
FAQ
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