Markel Corporation Stock Forecast
Green day on Wednesday for Markel Corporation stock after gaining 1.23%
(Updated on May 01, 2024)
The Markel Corporation stock price gained 1.23% on the last trading day (Wednesday, 1st May 2024), rising from $1,458.40 to $1,476.34. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.44% from a day low at $1,449.35 to a day high of $1,484.70. The price has risen in 7 of the last 10 days and is up by 3.35% 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, 27 thousand more shares were traded than the day before. In total, 58 thousand shares were bought and sold for approximately $85.26 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Markel Corporation stock with a 90% probability to be traded between $1,444.19 and $1,553.08 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.
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MKL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 3.70%. 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). 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. The Markel Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1,482.47. On a fall, the stock will find some support from the short-term average at $1,459.08. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Markel Corporation stock
Markel Corporation finds support from accumulated volume at $1,443.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $35.35 between high and low, or 2.44%. For the last week the stock has had daily average volatility of 1.76%.
Our recommended stop-loss: $1,400.55 (-5.13%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (MKL) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Markel Corporation to open at $1,470.13, and during the day (based on 14 day Average True Range), to move between $1,450.97 and $1,501.71, which gives a possible trading interval of +/-$25.37 (+/-1.72%) up or down from last closing price. If Markel Corporation takes out the full calculated possible swing range there will be an estimated 3.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,492.48 (1.09%) than the support at $1,443.85 (2.20%), 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 Markel Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Markel Corporation stock to perform well in the short-term period.
Current score: 3.270 Buy Candidate Unchanged
Predicted Opening Price for Markel Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $1,470.13 ( 0.421%) | $1,476.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MKL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,505.48 | 1.97 % | |
| R2 | 1,491.98 | 1.06 % | ||
| R1 | 1,483.63 | 0.494 % | ||
| Current price: | 1,476.34 | |||
| Support | S1 | 1,456.63 | -1.34 % | |
| S2 | 1,448.28 | -1.90 % | ||
| S3 | 1,434.78 | -2.82 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,509.43 | 2.24 % | |
| R2 | 1,493.76 | 1.18 % | ||
| R1 | 1,492.48 | 1.09 % | ||
| Current price | 1,476.34 | |||
| Support | S1 | 1,443.85 | -2.20% | |
| S2 | 1,418.46 | -3.92% | ||
| S3 | 1,412.41 | -4.33% |
FAQ
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