Mid Penn Bancorp Stock Forecast
Mid Penn Bancorp stock upgraded to Strong Buy Candidate.
(Updated on Jul 02, 2024)
The Mid Penn Bancorp stock price gained 1.65% on the last trading day (Tuesday, 2nd Jul 2024), rising from $21.79 to $22.15. During the last trading day the stock fluctuated 2.23% from a day low at $21.95 to a day high of $22.44. The price has risen in 6 of the last 10 days and is up by 7.32% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 370 more shares were traded than the day before. In total, 33 thousand shares were bought and sold for approximately $738.06 thousand.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $22.48 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.56% during the next 3 months and, with a 90% probability hold a price between $21.44 and $23.73 at the end of this 3-month period.
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MPB Signals & Forecast
Mostly positive signals in the chart today. The Mid Penn Bancorp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $21.16 and $21.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 9.76%. 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). Mid Penn Bancorp 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.
Support, Risk & Stop-loss for Mid Penn Bancorp stock
Mid Penn Bancorp finds support from accumulated volume at $21.40 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 $0.490 (2.23%) between high and low. For the last week, the stock has had daily average volatility of 3.20%.
Our recommended stop-loss: $21.30 (-3.84%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (MPB) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Mid Penn Bancorp to open at $22.18, and during the day (based on 14 day Average True Range), to move between $21.60 and $22.70, which gives a possible trading interval of +/-$0.552 (+/-2.49%) up or down from last closing price. If Mid Penn Bancorp takes out the full calculated possible swing range there will be an estimated 4.99% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $21.40, some $0.750 (3.39%) from the current price of $22.15, our system finds the risk reward attractive.
Is Mid Penn Bancorp stock A Buy?
Mid Penn Bancorp holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.017 Strong Buy Candidate Upgraded
Predicted Opening Price for Mid Penn Bancorp of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $22.18 ( 0.135%) | $22.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MPB
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.67 | 2.35% |
| R2 | 22.48 | 1.50% |
| R1 | 22.37 | 0.98% |
| Price | 22.15 | |
| S1 | 21.99 | -0.710% |
| S2 | 21.88 | -1.23% |
| S3 | 21.69 | -2.08% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 22.15 | |
| S1 | 21.40 | -3.39% |
| S2 | 20.68 | -6.64% |
| S3 | 20.50 | -7.45% |
MPB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | May 27, 2024 | $0.200 | 0.93% |
| 2 | Jan 24, 2024 | Feb 08, 2024 | Feb 20, 2024 | $0.200 | 0.95% |
| 3 | Oct 25, 2023 | Nov 09, 2023 | Nov 27, 2023 | $0.200 | 0.94% |
| 4 | Jul 26, 2023 | Aug 09, 2023 | Aug 28, 2023 | $0.200 | 0.90% |
| 5 | Apr 26, 2023 | May 09, 2023 | May 22, 2023 | $0.200 | 0.90% |
FAQ
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