McMillan Shakespeare Limited Stock Forecast
Weaker technical forecast for McMillan Shakespeare Limited as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The McMillan Shakespeare Limited stock price gained 1.25% on the last trading day (Friday, 3rd May 2024), rising from $18.35 to $18.58. During the last trading day the stock fluctuated 2.41% from a day low at $18.24 to a day high of $18.68. The price has fallen in 6 of the last 10 days and is down by -4.96% for this period. Volume fell on the last day by -19 thousand shares and in total, 147 thousand shares were bought and sold for approximately $2.72 million. 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 is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $18.30 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect McMillan Shakespeare Limited stock with a 90% probability to be traded between $18.40 and $22.10 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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MMS.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 1.53%. Further rise is indicated until a new top pivot has been found. 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. The McMillan Shakespeare Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $18.67 and $19.30. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for McMillan Shakespeare Limited stock
McMillan Shakespeare Limited finds support from accumulated volume at $18.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.440 (2.41%) between high and low. For the last week, the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: $17.58 (-5.37%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (MMS.AX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect McMillan Shakespeare Limited to open at $18.50, and during the day (based on 14 day Average True Range), to move between $18.10 and $19.06, which gives a possible trading interval of +/-$0.478 (+/-2.58%) up or down from last closing price. If McMillan Shakespeare Limited takes out the full calculated possible swing range there will be an estimated 5.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $18.52 (0.32%) than the resistance at $19.50 (4.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is McMillan Shakespeare Limited stock A Buy?
McMillan Shakespeare Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.292 Hold/Accumulate Downgraded
Predicted Opening Price for McMillan Shakespeare Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $18.50 ( 0.431%) | $18.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMS.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.94 | 1.94 % | |
| R2 | 18.77 | 1.03 % | ||
| R1 | 18.67 | 0.474 % | ||
| Current price: | 18.58 | |||
| Support | S1 | 18.33 | -1.34 % | |
| S2 | 18.23 | -1.89 % | ||
| S3 | 18.06 | -2.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.86 | 17.65 % | |
| R2 | 21.01 | 13.08 % | ||
| R1 | 19.50 | 4.95 % | ||
| Current price | 18.58 | |||
| Support | S1 | 18.52 | -0.323% | |
| S2 | 18.30 | -1.51% | ||
| S3 | 17.02 | -8.40% |
MMS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 22, 2024 | $0.760 | 3.89% |
| 2 | Mar 09, 2023 | Mar 09, 2023 | Mar 09, 2023 | $0.580 | 4.09% |
| 3 | Oct 26, 2022 | Oct 26, 2022 | Oct 26, 2022 | $0.740 | 5.66% |
| 4 | Mar 10, 2022 | Mar 10, 2022 | Mar 10, 2022 | $0.340 | 2.93% |
| 5 | Sep 09, 2021 | Sep 09, 2021 | Sep 09, 2021 | $0.311 | 2.58% |
FAQ
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