McGrath RentCorp Stock Forecast
McGrath RentCorp stock price ended at $110.39 on Friday, after losing 0.253%.
(Updated on Apr 19, 2024)
The McGrath RentCorp stock price fell by -0.253% on the last day (Friday, 19th Apr 2024) from $110.67 to $110.39. It has now fallen 9 days in a row. During the last trading day the stock fluctuated 0.99% from a day low at $110.06 to a day high of $111.15. The price has fallen in 9 of the last 10 days and is down by -8.36% for this period. Volume has increased on the last day by 101 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, 295 thousand shares were bought and sold for approximately $32.52 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.25% during the next 3 months and, with a 90% probability hold a price between $97.50 and $116.11 at the end of this 3-month period.
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MGRC Signals & Forecast
There are few to no technical positive signals at the moment. The McGrath RentCorp 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 $112.62 and $119.60. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, February 12, 2024, and so far it has fallen -15.16%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for McGrath RentCorp stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $1.09 between high and low, or 0.99%. For the last week, the stock has had daily average volatility of 2.01%.
McGrath RentCorp is oversold on RSI14 (5). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MGRC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect McGrath RentCorp to open at $110.53, and during the day (based on 14 day Average True Range), to move between $108.53 and $112.25, which gives a possible trading interval of +/-$1.86 (+/-1.68%) up or down from last closing price. If McGrath RentCorp takes out the full calculated possible swing range there will be an estimated 3.37% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $123.75, some $13.36 (12.10%) from the current price of $110.39, our system finds the risk reward not very attractive.
Earnings coming up
McGrath RentCorp will release earnings AMC on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.730. We will update the financials statements for McGrath RentCorp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.85% in the first trading day after earnings release.
Is McGrath RentCorp stock A Buy?
McGrath RentCorp holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.775 Sell Candidate Unchanged
Predicted Opening Price for McGrath RentCorp of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $110.53 ( 0.130%) | $110.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGRC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.62 | 1.12 % | |
| R2 | 111.21 | 0.740 % | ||
| R1 | 110.95 | 0.507 % | ||
| Current price: | 110.39 | |||
| Support | S1 | 110.12 | -0.247 % | |
| S2 | 109.86 | -0.480 % | ||
| S3 | 109.44 | -0.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 126.43 | 14.53 % | |
| R2 | 124.82 | 13.07 % | ||
| R1 | 123.75 | 12.10 % | ||
| Current price | 110.39 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
MGRC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Apr 15, 2024 | Apr 30, 2024 | $0.475 | 0.430% |
| 2 | Dec 07, 2023 | Jan 16, 2024 | Jan 31, 2024 | $0.465 | 0.370% |
| 3 | Sep 15, 2023 | Oct 16, 2023 | Oct 31, 2023 | $0.465 | 0.462% |
| 4 | Jun 07, 2023 | Jul 14, 2023 | Jul 31, 2023 | $0.465 | 0.482% |
| 5 | Feb 22, 2023 | Apr 13, 2023 | Apr 28, 2023 | $0.465 | 0.523% |
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