McCormick & Company Incorporated Stock Forecast
Green day on Wednesday for McCormick & Company Incorporated
(Updated on Apr 24, 2024)
The McCormick & Company Incorporated stock price gained 1.11% on the last trading day (Wednesday, 24th Apr 2024), rising from $75.02 to $75.85. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.15% from a day low at $73.68 to a day high of $76.00. The price has risen in 7 of the last 10 days and is up by 1.43% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 79 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $135.00 million.
The stock lies in the middle of a 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 13.71% during the next 3 months and, with a 90% probability hold a price between $82.10 and $91.86 at the end of this 3-month period.
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MKC Signals & Forecast
The McCormick & Company Incorporated 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 $73.75 and $72.49. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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, April 02, 2024, and so far it has fallen -3.09%. 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).
Support, Risk & Stop-loss for McCormick & Company Incorporated stock
On the downside, the stock finds support just below today's level from accumulated volume at $69.94 and $68.60. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, McCormick & Company Incorporated finds support just below today's level at $69.94. If this is broken, then the next support from accumulated volume will be at $68.60 and $68.08.
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 $2.32 between high and low, or 3.15%. For the last week, the stock has had daily average volatility of 1.78%.
Since the McCormick & Company Incorporated has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $72.58 (-4.31%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (MKC) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect McCormick & Company Incorporated to open at $75.18, and during the day (based on 14 day Average True Range), to move between $74.34 and $77.36, which gives a possible trading interval of +/-$1.51 (+/-1.99%) up or down from last closing price. If McCormick & Company Incorporated takes out the full calculated possible swing range there will be an estimated 3.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $76.03 (0.24%) than the support at $69.94 (7.79%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is McCormick & Company Incorporated stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for McCormick & Company Incorporated stock to perform well in the short-term.
Current score: 4.697 Buy Candidate Unchanged
Predicted Opening Price for McCormick & Company Incorporated of Thursday, April 25, 2024
Fair opening price April 25, 2024 | Current price |
---|---|
$75.18 ( 0.89%) | $75.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MKC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 77.50 | 2.17 % | |
R2 | 76.61 | 1.00 % | ||
R1 | 76.06 | 0.281 % | ||
Current price: | 75.85 | |||
Support | S1 | 74.29 | -2.06 % | |
S2 | 73.74 | -2.78 % | ||
S3 | 72.86 | -3.95 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 78.27 | 3.19 % | |
R2 | 77.30 | 1.91 % | ||
R1 | 76.03 | 0.237 % | ||
Current price | 75.85 | |||
Support | S1 | 69.94 | -7.79% | |
S2 | 68.60 | -9.56% | ||
S3 | 68.08 | -10.24% |
MKC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 05, 2024 | Apr 05, 2024 | Apr 22, 2024 | $0.420 | 0.562% |
2 | Nov 28, 2023 | Dec 29, 2023 | Jan 08, 2024 | $0.420 | 0.625% |
3 | Nov 28, 2023 | Dec 28, 2023 | Jan 08, 2024 | $0.420 | 0.625% |
4 | Sep 28, 2023 | Oct 06, 2023 | Oct 24, 2023 | $0.390 | 0.626% |
5 | Jun 27, 2023 | Jul 07, 2023 | Jul 24, 2023 | $0.390 | 0.439% |
FAQ
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