MCAN Mortgage Corporation Stock Forecast

MCAN Mortgage Corporation stock upgraded to Hold/Accumulate.
(Updated on May 03, 2024)

MKP.TO Signals & Forecast

The MCAN Mortgage Corporation 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 $15.74 and $15.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 2.20%. 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). MCAN Mortgage Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The stock had a Golden Star Signal on Thursday, December 28, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for MCAN Mortgage Corporation stock

MCAN Mortgage Corporation finds support from accumulated volume at $15.74 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 $0.0900 between high and low, or 0.573%. For the last week the stock has had daily average volatility of 0.82%.

Our recommended stop-loss: $14.96 (-5.33%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 12 days ago.)

Trading Expectations (MKP.TO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect MCAN Mortgage Corporation to open at $15.78, and during the day (based on 14 day Average True Range), to move between $15.61 and $15.99, which gives a possible trading interval of +/-$0.188 (+/-1.19%) up or down from last closing price. If MCAN Mortgage Corporation takes out the full calculated possible swing range there will be an estimated 2.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $15.74 (0.38%) than the resistance at $16.23 (2.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is MCAN Mortgage Corporation stock A Buy?

MCAN Mortgage Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.723 Hold/Accumulate Upgraded

Predicted Opening Price for MCAN Mortgage Corporation of Monday, May 6, 2024

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