Mitcham Industries Inc. Series A 9.00% Stock Forecast
Evaluation of Mitcham Industries Inc. Series A 9.00% stock downgraded after the last trading session.
(Updated on Apr 22, 2024)
The Mitcham Industries Inc. Series A 9.00% stock price fell by -4.40% on the last day (Monday, 22nd Apr 2024) from $8.40 to $8.03. During the last trading day the stock fluctuated 5.74% from a day low at $8.02 to a day high of $8.48. The price has fallen in 8 of the last 10 days and is down by -9.06% for this period. Volume has increased on the last day by 3 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, 6 thousand shares were bought and sold for approximately $47.00 thousand.
Given the current short-term trend, the stock is expected to rise 15.80% during the next 3 months and, with a 90% probability hold a price between $9.30 and $13.38 at the end of this 3-month period.
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MINDP Signals & Forecast
There are few to no technical positive signals at the moment. The Mitcham Industries Inc. Series A 9.00% 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 $8.38 and $9.19. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -26.13%. 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). Mitcham Industries Inc. Series A 9.00% gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Mitcham Industries Inc. Series A 9.00% stock
Mitcham Industries Inc. Series A 9.00% finds support from accumulated volume at $7.85 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 $0.460 between high and low, or 5.74%. For the last week, the stock has had daily average volatility of 3.79%.
Mitcham Industries Inc. Series A 9.00% is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MINDP) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock to open at $8.18, and during the day (based on 14 day Average True Range), to move between $7.56 and $8.50, which gives a possible trading interval of +/-$0.467 (+/-5.82%) up or down from last closing price. If Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock takes out the full calculated possible swing range there will be an estimated 11.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.85 (2.24%) than the resistance at $8.60 (7.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock stock A Buy?
The Mitcham Industries Inc. Series A 9.00% stock holds several negative signals and despite the positive trend, we believe Mitcham Industries Inc. Series A 9.00% will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.046 Sell Candidate Downgraded
Predicted Opening Price for Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $8.18 ( 1.83%) | $8.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MINDP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.64 | 7.56 % | |
| R2 | 8.46 | 5.37 % | ||
| R1 | 8.35 | 4.01 % | ||
| Current price: | 8.03 | |||
| Support | S1 | 8.00 | -0.362 % | |
| S2 | 7.89 | -1.71 % | ||
| S3 | 7.72 | -3.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.96 | 11.58 % | |
| R2 | 8.96 | 11.52 % | ||
| R1 | 8.60 | 7.10 % | ||
| Current price | 8.03 | |||
| Support | S1 | 7.85 | -2.24% | |
| S2 | 7.71 | -3.96% | ||
| S3 | 7.65 | -4.73% |
MINDP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 26, 2023 | Oct 12, 2023 | Oct 31, 2023 | $0.563 | 4.69% |
| 2 | Apr 04, 2022 | Apr 13, 2022 | Apr 30, 2022 | $0.563 | 3.64% |
| 3 | Jan 03, 2022 | Jan 13, 2022 | Jan 31, 2022 | $0.563 | 3.13% |
| 4 | Oct 04, 2021 | Oct 14, 2021 | Oct 31, 2021 | $0.563 | 2.30% |
| 5 | Jul 06, 2021 | Jul 14, 2021 | Jul 31, 2021 | $0.563 | 2.24% |
FAQ
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