Menderes Tekstil Sanayi ve Ticaret Stock Forecast
Evaluation of Menderes Tekstil Sanayi ve Ticaret stock downgraded after the last trading session.
(Updated on May 09, 2024)
The Menderes Tekstil Sanayi ve Ticaret stock price fell by -1.90% on the last day (Thursday, 9th May 2024) from TRY 13.69 to TRY 13.43. During the last trading day the stock fluctuated 5.47% from a day low at TRY 13.35 to a day high of TRY 14.08. The price has risen in 6 of the last 10 days and is up by 3.15% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 5 million shares were bought and sold for approximately TRY 73.59 million.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at TRY 14.21 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Menderes Tekstil Sanayi ve Ticaret stock with a 90% probability to be traded between TRY 10.21 and TRY 14.26 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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MNDRS.IS Signals & Forecast
The Menderes Tekstil Sanayi ve Ticaret 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 TRY 13.46. On a fall, the stock will find some support from the long-term average at approximately TRY 12.09. 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). 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, May 02, 2024, and so far it has fallen -5.49%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Menderes Tekstil Sanayi ve Ticaret stock
Menderes Tekstil Sanayi ve Ticaret finds support from accumulated volume at TRY 13.36 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved TRY 0.730 between high and low, or 5.47%. For the last week, the stock has had daily average volatility of 6.87%.
Our recommended stop-loss: TRY 12.70 (-5.43%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (MNDRS.IS) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Menderes Tekstil Sanayi ve Ticaret Anonim Sirketi to open at TRY 13.62, and during the day (based on 14 day Average True Range), to move between TRY 12.70 and TRY 14.16, which gives a possible trading interval of +/-TRY 0.728 (+/-5.42%) up or down from last closing price. If Menderes Tekstil Sanayi ve Ticaret Anonim Sirketi takes out the full calculated possible swing range there will be an estimated 10.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 13.48 (0.37%) than the support at TRY 13.36 (0.52%), 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 Menderes Tekstil Sanayi ve Ticaret Anonim Sirketi stock A Buy?
Menderes Tekstil Sanayi ve Ticaret 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: 0.278 Hold/Accumulate Downgraded
Predicted Opening Price for Menderes Tekstil Sanayi ve Ticaret Anonim Sirketi of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| TRY 13.62 ( 1.41%) | TRY 13.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MNDRS.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.35 | 6.85 % | |
| R2 | 14.07 | 4.77 % | ||
| R1 | 13.90 | 3.49 % | ||
| Current price: | 13.43 | |||
| Support | S1 | 13.34 | -0.662 % | |
| S2 | 13.17 | -1.94 % | ||
| S3 | 12.89 | -4.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.21 | 5.81 % | |
| R2 | 13.60 | 1.27 % | ||
| R1 | 13.48 | 0.372 % | ||
| Current price | 13.43 | |||
| Support | S1 | 13.36 | -0.521% | |
| S2 | 13.17 | -1.94% | ||
| S3 | 12.67 | -5.66% |
FAQ
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