Mitcham Industries Inc. Series A 9.00% Stock Forecast
Mitcham Industries Inc. Series A 9.00% stock upgraded from Hold/Accumulate to Strong Buy Candidate after Thursday trading session.
(Updated on May 02, 2024)
The Mitcham Industries Inc. Series A 9.00% stock price gained 3.77% on the last trading day (Thursday, 2nd May 2024), rising from $10.60 to $11.00. During the last trading day the stock fluctuated 5.61% from a day low at $10.42 to a day high of $11.00. The price has risen in 7 of the last 10 days and is up by 33.99% over the past 2 weeks. Volume fell on the last day by -37 thousand shares and in total, 5 thousand shares were bought and sold for approximately $53.80 thousand. 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 stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 15.59% during the next 3 months and, with a 90% probability hold a price between $9.52 and $13.62 at the end of this 3-month period.
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MINDP Signals & Forecast
The Mitcham Industries Inc. Series A 9.00% 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 $9.55 and $9.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 36.99%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. 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 $10.85 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.584 between high and low, or 5.61%. For the last week the stock has had daily average volatility of 8.03%.
Our recommended stop-loss: $10.66 (-3.06%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (MINDP) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock to open at $10.81, and during the day (based on 14 day Average True Range), to move between $10.38 and $11.62, which gives a possible trading interval of +/-$0.619 (+/-5.62%) 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 11.25% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $10.85, some $0.150 (1.36%) from the current price of $11.00, our system finds the risk reward attractive.
Is Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock stock A Buy?
Mitcham Industries Inc. Series A 9.00% holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 7.390 Strong Buy Candidate Upgraded
Predicted Opening Price for Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $10.81 ( 1.77%) | $11.00 |
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 | 11.39 | 3.54 % | |
| R2 | 11.17 | 1.51 % | ||
| R1 | 11.03 | 0.259 % | ||
| Current price: | 11.00 | |||
| Support | S1 | 10.58 | -3.80 % | |
| S2 | 10.44 | -5.05 % | ||
| S3 | 10.22 | -7.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 11.00 | |||
| Support | S1 | 10.85 | -1.36% | |
| S2 | 10.60 | -3.64% | ||
| S3 | 10.38 | -5.59% |
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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