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$84.19 (0.44%)

Volume: 33.731k

Closed: Aug 05, 2022

Hollow Logo Score: -0.001

McGrath RentCorp Stock Forecast

$84.19 (0.44%)

Volume: 33.731k

Closed: Aug 05, 2022

Score Hollow Logo -0.001
Which way will MGRC go? Request
Fri, Aug 05, 2022 Hold/Accumulate
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 25 - 75 ] RSI14 is 85 and the stock is extremely overbought on RSI14, but may also ontinue to gain. Some stocks see their best performance while being overbought, but very seldom does RSI remain so high for a long time without short corrections. Risk has therefore increased and larger daily movements can be expected over the next couple of days.
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McGrath RentCorp stock downgraded to Hold/Accumulate
(Updated on Aug 05, 2022)

Buy or Hold candidate since 2022-07-19 Gain 7.88% PDF

The McGrath RentCorp stock price gained 0.44% on the last trading day (Friday, 5th Aug 2022), rising from $83.82 to $84.19. During the last trading day the stock fluctuated 2.01% from a day low at $83.05 to a day high of $84.72. The price has risen in 7 of the last 10 days and is up by 7.47% over the past 2 weeks. Volume fell on the last day by -10 thousand shares and in total, 34 thousand shares were bought and sold for approximately $2.84 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.

The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $84.49 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect McGrath RentCorp stock with a 90% probability to be traded between $72.30 and $83.18 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.

Signals & Forecast

The McGrath RentCorp 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 $84.06 and $78.19. 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). 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. 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 Tuesday, August 02, 2022, and so far it has fallen -0.43%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss

McGrath RentCorp finds support from accumulated volume at $82.21 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 $1.67 between high and low, or 2.01%. For the last week, the stock has had a daily average volatility of 1.83%.

The McGrath RentCorp stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $81.71 (-2.94%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 85 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations For The Upcoming Trading Day Of Monday 8th

For the upcoming trading day on Monday 8th we expect McGrath RentCorp to open at $83.99, and during day (based on 14 day Average True Range), to move between $82.22 and $86.16, which gives a possible trading interval of +/-$1.97 (+/-2.34%) up or down from last closing price. If McGrath RentCorp takes out the full calculated possible swing range there will be an estimated 4.68% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $84.23 (0.05%) than the support at $82.21 (2.35%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.

Is McGrath RentCorp stock A Buy?

McGrath RentCorp 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.001

Hold/Accumulate Downgraded

Predicted Opening Price for McGrath RentCorp of Monday, August 8, 2022

The predicted opening price is based on yesterday's movements between high, low, and the closing price.

Fair opening price August 8, 2022 Current price
$83.99 $84.19 (Overvalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 85.65 1.74 %
85.01 0.98 %
84.62 0.51 %
Current price: 84.19
Support 83.35 -1.00 %
82.96 -1.47 %
82.32 -2.22 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 84.55 0.43 %
84.36 0.20 %
84.23 0.0475 %
Current price 84.19
Support 82.21 -2.35%
79.49 -5.58%
75.88 -9.87%

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About McGrath RentCorp

McGrath Rent McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment rents and sells modular buildin... Read more


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