Magazine Luiza S.A. Stock Forecast
Stronger technical forecast for Magazine Luiza S.A. stock price after Wednesday trading.
(Updated on May 08, 2024)
The Magazine Luiza S.A. stock price gained 2.48% on the last trading day (Wednesday, 8th May 2024), rising from R$1.61 to R$1.65. During the last trading day the stock fluctuated 7.74% from a day low at R$1.55 to a day high of R$1.67. The price has risen in 6 of the last 10 days and is up by 15.38% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 79 million shares were bought and sold for approximately R$130.75 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.
Given the current short-term trend, the stock is expected to fall -32.53% during the next 3 months and, with a 90% probability hold a price between R$0.86 and R$1.11 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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MGLU3.SA Signals & Forecast
Mostly positive signals in the chart today. The Magazine Luiza S.A. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at R$1.51 and R$1.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 21.32%. 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 Magazine Luiza S.A. stock
Magazine Luiza S.A. finds support from accumulated volume at R$1.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved R$0.120 between high and low, or 7.74%. For the last week, the stock has had daily average volatility of 5.84%.
Our recommended stop-loss: R$1.60 (-3.26%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (MGLU3.SA) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Magazine Luiza S.A. to open at R$1.62, and during the day (based on 14 day Average True Range), to move between R$1.56 and R$1.74, which gives a possible trading interval of +/-R$0.0909 (+/-5.51%) up or down from last closing price. If Magazine Luiza S.A. takes out the full calculated possible swing range there will be an estimated 11.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at R$1.57 (4.85%) than the resistance at R$1.96 (18.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Magazine Luiza S.A. will release earnings BMO on Thursday, May 09, 2024. We will update the financials statements for Magazine Luiza S.A., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.93% in the first trading day after earnings release.
Is Magazine Luiza S.A. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.757 Buy Candidate Upgraded
Predicted Opening Price for Magazine Luiza S.A. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| R$1.62 ( 1.62%) | R$1.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGLU3.SA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.74 | 5.66 % | |
| R2 | 1.70 | 2.88 % | ||
| R1 | 1.67 | 1.16 % | ||
| Current price: | 1.65 | |||
| Support | S1 | 1.58 | -4.39 % | |
| S2 | 1.55 | -6.11 % | ||
| S3 | 1.50 | -8.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 22.42 % | |
| R2 | 1.97 | 19.39 % | ||
| R1 | 1.96 | 18.79 % | ||
| Current price | 1.65 | |||
| Support | S1 | 1.57 | -4.85% | |
| S2 | 1.53 | -7.27% | ||
| S3 | 1.52 | -7.88% |
MGLU3 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 06, 2021 | Jul 06, 2021 | Jul 06, 2021 | R$0.0155 | 0.0735% |
| 2 | Dec 30, 2020 | Dec 30, 2020 | Dec 30, 2020 | R$0.0263 | 0.105% |
| 3 | Jul 31, 2020 | Jul 31, 2020 | Jul 31, 2020 | R$0.0235 | 0.117% |
| 4 | Apr 14, 2020 | Apr 14, 2020 | Apr 14, 2020 | R$0.180 | 1.67% |
| 5 | Jan 02, 2020 | Jan 02, 2020 | Jan 02, 2020 | R$0.0089 | 0.0725% |
FAQ
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