Manulife Financial Corp Stock Forecast
Manulife Financial Corp stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on May 01, 2024)
The Manulife Financial Corp stock price gained 1.07% on the last trading day (Wednesday, 1st May 2024), rising from $23.32 to $23.57. During the last trading day the stock fluctuated 2.64% from a day low at $23.29 to a day high of $23.91. The price has risen in 7 of the last 10 days and is up by 3.29% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 535 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $47.45 million.
The stock lies in the middle of a wide and weak 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 2.17% during the next 3 months and, with a 90% probability hold a price between $23.37 and $25.74 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 3.47%. 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 is rising along with the price. This is considered to be a good technical signal. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $23.91. On a fall, the stock will find some support from the short-term average at $23.49. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
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 $0.615 between high and low, or 2.64%. For the last week, the stock has had daily average volatility of 1.63%.
Our recommended stop-loss: $22.29 (-5.44%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (MFC) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Manulife Financial Corp to open at $23.59, and during the day (based on 14 day Average True Range), to move between $23.15 and $23.99, which gives a possible trading interval of +/-$0.421 (+/-1.78%) up or down from last closing price. If Manulife Financial Corp takes out the full calculated possible swing range there will be an estimated 3.57% 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 (0.72%) than the support at $22.58 (4.20%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Manulife Financial Corp stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.379 Buy Candidate Upgraded
Predicted Opening Price for Manulife Financial Corp of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $23.59 ( 0.0778%) | $23.57 |
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 | 24.20 | 2.69 % | |
| R2 | 23.97 | 1.69 % | ||
| R1 | 23.82 | 1.07 % | ||
| Current price: | 23.57 | |||
| Support | S1 | 23.35 | -0.92 % | |
| S2 | 23.21 | -1.53 % | ||
| S3 | 22.97 | -2.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.30 | 3.10 % | |
| R2 | 24.22 | 2.76 % | ||
| R1 | 23.74 | 0.721 % | ||
| Current price | 23.57 | |||
| Support | S1 | 22.58 | -4.20% | |
| S2 | 22.47 | -4.67% | ||
| S3 | 22.20 | -5.81% |
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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