Mueller Industries Inc Stock Forecast

Weaker technical forecast for Mueller Industries Inc as stock downgraded to Hold/Accumulate.
(Updated on May 01, 2024)

MLI Signals & Forecast

The Mueller Industries Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $57.30. On a fall, the stock will find some support from the long-term average at approximately $53.68. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Thursday, April 25, 2024, and so far it has fallen -3.97%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Friday, April 19, 2024 in the short-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 Mueller Industries Inc stock

Mueller Industries Inc finds support from accumulated volume at $53.54 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 $1.21 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 3.05%.

Our recommended stop-loss: $53.59 (-4.45%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (MLI) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Mueller Industries Inc to open at $56.32, and during the day (based on 14 day Average True Range), to move between $54.46 and $57.72, which gives a possible trading interval of +/-$1.63 (+/-2.90%) up or down from last closing price. If Mueller Industries Inc takes out the full calculated possible swing range there will be an estimated 5.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $57.44 (2.41%) than the support at $53.54 (4.55%), 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 Mueller Industries Inc stock A Buy?

Mueller Industries Inc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.350 Hold/Accumulate Downgraded

Predicted Opening Price for Mueller Industries Inc of Thursday, May 2, 2024

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