Mainfreight Limited Stock Forecast
Red day on Friday for Mainfreight Limited
(Updated on Apr 26, 2024)
The Mainfreight Limited stock price fell by -0.300% on the last day (Friday, 26th Apr 2024) from $69.90 to $69.69. During the last trading day the stock fluctuated 0.430% from a day low at $69.69 to a day high of $69.99. The price has been going up and down for this period, and there has been a 1.74% gain for the last 2 weeks. Volume has increased on the last day by 63 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 116 thousand shares were bought and sold for approximately $8.11 million.
The stockis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $69.88 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Mainfreight Limited stock with a 90% probability to be traded between $65.55 and $68.67 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. 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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MFT.NZ Signals & Forecast
The Mainfreight 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 $69.50 and $68.72. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -0.300%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Thursday, April 18, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Thursday, April 18, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
A sell signal from a double top formation was found on Wednesday, April 24, 2024 and based on theory for this formation the price should fall by -5.08% to $66.15 within 20 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Mainfreight Limited stock
Mainfreight Limited finds support from accumulated volume at $69.50 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 $0.300 between high and low, or 0.430%. For the last week the stock has had daily average volatility of 0.94%.
Our recommended stop-loss: $67.73 (-2.81%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (MFT.NZ) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Mainfreight Limited to open at $69.79, and during the day (based on 14 day Average True Range), to move between $68.68 and $70.70, which gives a possible trading interval of +/-$1.01 (+/-1.45%) up or down from last closing price. If Mainfreight Limited takes out the full calculated possible swing range there will be an estimated 2.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $69.70 (0.01%) than the support at $69.50 (0.27%), 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 Mainfreight Limited stock A Buy?
Mainfreight 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: -0.434 Hold/Accumulate Unchanged
Predicted Opening Price for Mainfreight Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $69.79 ( 0.143%) | $69.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MFT.NZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 70.09 | 0.574 % | |
| R2 | 69.98 | 0.410 % | ||
| R1 | 69.90 | 0.308 % | ||
| Current price: | 69.69 | |||
| Support | S1 | 69.68 | -0.0209 % | |
| S2 | 69.60 | -0.123 % | ||
| S3 | 69.49 | -0.287 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 69.99 | 0.430 % | |
| R2 | 69.90 | 0.301 % | ||
| R1 | 69.70 | 0.0143 % | ||
| Current price | 69.69 | |||
| Support | S1 | 69.50 | -0.273% | |
| S2 | 68.00 | -2.43% | ||
| S3 | 67.83 | -2.67% |
MFT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 07, 2023 | Dec 07, 2023 | Dec 07, 2023 | $0 | 0% |
| 2 | Jul 12, 2023 | Jul 12, 2023 | Jul 12, 2023 | $0.87 | 1.23% |
| 3 | Dec 08, 2022 | Dec 08, 2022 | Dec 08, 2022 | $0.85 | 1.22% |
| 4 | Jul 14, 2022 | Jul 14, 2022 | Jul 14, 2022 | $0.87 | 1.24% |
| 5 | Dec 09, 2021 | Dec 09, 2021 | Dec 09, 2021 | $0.550 | 0.606% |
FAQ
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