Marfrig Global Foods S.A. Stock Forecast

Green day on Friday for Marfrig Global Foods S.A. stock after gaining 0.221%
(Updated on May 24, 2024)

MRRTY Signals & Forecast

The Marfrig Global Foods S.A. 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 $2.25 and $2.01. A breakdown below any of these levels will issue sell signals. 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 Tuesday, May 21, 2024, and so far it has fallen -1.95%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Marfrig Global Foods S.A. stock

Marfrig Global Foods S.A. finds support from accumulated volume at $2.17 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0150 between high and low, or 0.662%. For the last week the stock has had daily average volatility of 1.56%.

The Marfrig Global Foods S.A. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $2.19 (-3.17%) (This stock has high daily movements and this gives high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (MRRTY) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Marfrig Global Foods S.A. to open at $2.27, and during the day (based on 14 day Average True Range), to move between $2.20 and $2.33, which gives a possible trading interval of +/-$0.0667 (+/-2.94%) up or down from last closing price. If Marfrig Global Foods S.A. takes out the full calculated possible swing range there will be an estimated 5.89% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.29 (1.10%) than the support at $2.17 (4.19%), 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 Marfrig Global Foods S.A. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Marfrig Global Foods S.A. stock to perform well in the short-term.

Current score: 3.279 Buy Candidate Unchanged

Predicted Opening Price for Marfrig Global Foods S.A. of Tuesday, May 28, 2024

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