Manulife Financial Corp Stock Forecast
Manulife Financial Corp stock downgraded to Hold/Accumulate
(Updated on Apr 30, 2024)
The Manulife Financial Corp stock price fell by -1.23% on the last day (Tuesday, 30th Apr 2024) from $23.61 to $23.32. During the last trading day the stock fluctuated 1.20% from a day low at $23.32 to a day high of $23.60. The price has risen in 7 of the last 10 days and is up by 2.37% over the past 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 -197 thousand shares and in total, 1 million shares were bought and sold for approximately $34.48 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $22.92 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.47% during the next 3 months and, with a 90% probability hold a price between $23.71 and $26.17 at the end of this 3-month period.
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MFC Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.37%. 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 Manulife Financial Corp 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 $23.47 and $23.92. 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 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 Manulife Financial Corp stock
Manulife Financial Corp finds support from accumulated volume at $22.58 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 $0.280 between high and low, or 1.20%. For the last week, the stock has had daily average volatility of 1.36%.
Our recommended stop-loss: $21.97 (-5.81%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (MFC) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Manulife Financial Corp to open at $23.41, and during the day (based on 14 day Average True Range), to move between $22.91 and $23.73, which gives a possible trading interval of +/-$0.405 (+/-1.74%) up or down from last closing price. If Manulife Financial Corp takes out the full calculated possible swing range there will be an estimated 3.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $23.74 (1.80%) than the support at $22.58 (3.17%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Manulife Financial Corp will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.660. We will update the financials statements for Manulife Financial Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.25% in the first trading day after earnings release.
Is Manulife Financial Corp stock A Buy?
Manulife Financial Corp holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.821 Hold/Accumulate Downgraded
Predicted Opening Price for Manulife Financial Corp of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $23.41 ( 0.400%) | $23.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MFC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.69 | 1.60 % | |
| R2 | 23.59 | 1.14 % | ||
| R1 | 23.52 | 0.86 % | ||
| Current price: | 23.32 | |||
| Support | S1 | 23.31 | -0.0584 % | |
| S2 | 23.24 | -0.342 % | ||
| S3 | 23.13 | -0.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.30 | 4.20 % | |
| R2 | 24.22 | 3.86 % | ||
| R1 | 23.74 | 1.80 % | ||
| Current price | 23.32 | |||
| Support | S1 | 22.58 | -3.17% | |
| S2 | 22.47 | -3.64% | ||
| S3 | 21.88 | -6.17% |
MFC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 14, 2024 | Feb 27, 2024 | Mar 19, 2024 | $0.297 | 1.23% |
| 2 | Nov 08, 2023 | Nov 21, 2023 | Dec 19, 2023 | $0.266 | 1.23% |
| 3 | Aug 09, 2023 | Aug 22, 2023 | Sep 19, 2023 | $0.276 | 1.41% |
| 4 | May 10, 2023 | May 23, 2023 | Jun 19, 2023 | $0.270 | 1.42% |
| 5 | Feb 15, 2023 | Feb 27, 2023 | Mar 20, 2023 | $0.268 | 1.50% |
FAQ
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