Merit Medical Systems Stock Forecast
Evaluation of Merit Medical Systems stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Merit Medical Systems stock price gained 1.00% on the last trading day (Tuesday, 2nd Jul 2024), rising from $85.64 to $86.50. During the last trading day the stock fluctuated 1.70% from a day low at $85.98 to a day high of $87.44. The price has risen in 8 of the last 10 days and is up by 7.17% over the past 2 weeks. Volume fell on the last day by -216 thousand shares and in total, 398 thousand shares were bought and sold for approximately $34.39 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 lies in the middle of a 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 18.08% during the next 3 months and, with a 90% probability hold a price between $97.96 and $107.38 at the end of this 3-month period.
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MMSI Signals & Forecast
The Merit Medical Systems 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 $84.38 and $82.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 7.17%. 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 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.
A buy signal from a double bottom formation was found on Monday, June 17, 2024 with a target of $85.69. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Merit Medical Systems stock
Merit Medical Systems finds support from accumulated volume at $85.95 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 $1.46 between high and low, or 1.70%. For the last week the stock has had daily average volatility of 1.74%.
Our recommended stop-loss: $83.54 (-3.42%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (MMSI) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Merit Medical Systems to open at $86.64, and during the day (based on 14 day Average True Range), to move between $84.98 and $88.02, which gives a possible trading interval of +/-$1.52 (+/-1.76%) up or down from last closing price. If Merit Medical Systems takes out the full calculated possible swing range there will be an estimated 3.51% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $85.95, some $0.550 (0.64%) from the current price of $86.50, our system finds the risk reward attractive.
Is Merit Medical Systems stock A Buy?
Merit Medical Systems 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Merit Medical Systems of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $86.64 ( 0.162%) | $86.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMSI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 88.10 | 1.85% |
| R2 | 87.54 | 1.20% |
| R1 | 87.20 | 0.81% |
| Price | 86.50 | |
| S1 | 86.08 | -0.483% |
| S2 | 85.74 | -0.88% |
| S3 | 85.18 | -1.53% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 86.50 | |
| S1 | 85.95 | -0.636% |
| S2 | 83.44 | -3.54% |
| S3 | 76.63 | -11.41% |
FAQ
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