Magellan Financial Group Limited Stock Forecast
Red day on Friday for Magellan Financial Group Limited stock after losing 1.64%
(Updated on Jun 28, 2024)
The Magellan Financial Group Limited stock price fell by -1.64% on the last day (Friday, 28th Jun 2024) from $8.56 to $8.42. During the last trading day the stock fluctuated 2.28% from a day low at $8.34 to a day high of $8.53. The price has been going up and down for this period, and there has been a 2.81% 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 -60 thousand shares and in total, 594 thousand shares were bought and sold for approximately $5.00 million.
The stock lies the upper part of a wide and falling 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 $8.60 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -13.03% during the next 3 months and, with a 90% probability hold a price between $6.63 and $7.48 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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MFG.AX Signals & Forecast
The Magellan Financial Group Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $8.45. On a fall, the stock will find some support from the long-term average at approximately $8.40. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 4.60%. 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. 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 Magellan Financial Group Limited stock
Magellan Financial Group Limited finds support from accumulated volume at $8.36 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.190 between high and low, or 2.28%. For the last week the stock has had daily average volatility of 2.28%.
Our recommended stop-loss: $8.07 (-4.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 66 days ago.)
Trading Expectations (MFG.AX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Magellan Financial Group Limited to open at $8.43, and during the day (based on 14 day Average True Range), to move between $8.22 and $8.62, which gives a possible trading interval of +/-$0.201 (+/-2.39%) up or down from last closing price. If Magellan Financial Group Limited takes out the full calculated possible swing range there will be an estimated 4.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.43 (0.12%) than the support at $8.36 (0.71%), 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.
Is Magellan Financial Group Limited stock A Buy?
Magellan Financial Group Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.016 Hold/Accumulate Unchanged
Predicted Opening Price for Magellan Financial Group Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $8.43 ( 0.119%) | $8.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MFG.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.62 | 2.38% |
| R2 | 8.55 | 1.51% |
| R1 | 8.50 | 0.98% |
| Price | 8.42 | |
| S1 | 8.36 | -0.743% |
| S2 | 8.31 | -1.28% |
| S3 | 8.24 | -2.14% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.74 | 3.80% |
| R2 | 8.55 | 1.54% |
| R1 | 8.43 | 0.119% |
| Price | 8.42 | |
| S1 | 8.36 | -0.713% |
| S2 | 8.17 | -2.97% |
| S3 | 8.14 | -3.33% |
MFG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2024 | Feb 20, 2024 | Mar 06, 2024 | $0.294 | 3.19% |
| 2 | Aug 23, 2023 | Aug 23, 2023 | Sep 07, 2023 | $0.300 | 3.30% |
| 3 | Feb 21, 2023 | Feb 21, 2023 | Feb 21, 2023 | $0.469 | 5.09% |
| 4 | Aug 22, 2022 | Aug 22, 2022 | Aug 22, 2022 | $0.689 | 5.30% |
| 5 | Feb 23, 2022 | Feb 23, 2022 | Feb 23, 2022 | $1.10 | 5.38% |
FAQ
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