Madison Square Garden Entertainment Stock Forecast
Stronger technical forecast for Madison Square Garden Entertainment stock price after Friday trading.
(Updated on May 03, 2024)
The Madison Square Garden Entertainment stock price gained 2.08% on the last trading day (Friday, 3rd May 2024), rising from $39.48 to $40.30. During the last trading day the stock fluctuated 4.13% from a day low at $39.93 to a day high of $41.58. The price has risen in 6 of the last 10 days and is up by 6.22% 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, 645 thousand more shares were traded than the day before. In total, 874 thousand shares were bought and sold for approximately $35.24 million.
The stock lies in the upper part of a 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 $40.78 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 9.09% during the next 3 months and, with a 90% probability hold a price between $41.69 and $44.48 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MSGE Signals & Forecast
Mostly positive signals in the chart today. The Madison Square Garden Entertainment 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 $39.64 and $39.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 7.15%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Madison Square Garden Entertainment stock
On the downside, the stock finds support just below today's level from accumulated volume at $38.08 and $37.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Madison Square Garden Entertainment finds support just below today's level at $38.08. If this is broken, then the next support from accumulated volume will be at $37.00 and $36.96.
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 $1.65 between high and low, or 4.13%. For the last week the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: $38.51 (-4.43%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (MSGE) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Madison Square Garden Entertainment Corp. to open at $40.60, and during the day (based on 14 day Average True Range), to move between $39.38 and $41.22, which gives a possible trading interval of +/-$0.92 (+/-2.28%) up or down from last closing price. If Madison Square Garden Entertainment Corp. takes out the full calculated possible swing range there will be an estimated 4.55% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $38.08, some $2.22 (5.51%) from the current price of $40.30, our system finds the risk reward attractive.
Is Madison Square Garden Entertainment Corp. stock A Buy?
Madison Square Garden Entertainment 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: 6.563 Strong Buy Candidate Upgraded
Predicted Opening Price for Madison Square Garden Entertainment Corp. of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$40.60 ( 0.753%) | $40.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MSGE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 42.25 | 4.85 % | |
R2 | 41.62 | 3.28 % | ||
R1 | 41.23 | 2.32 % | ||
Current price: | 40.30 | |||
Support | S1 | 39.97 | -0.81 % | |
S2 | 39.58 | -1.78 % | ||
S3 | 38.95 | -3.34 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 40.30 | |||
Support | S1 | 38.08 | -5.51% | |
S2 | 37.00 | -8.19% | ||
S3 | 36.96 | -8.29% |
FAQ
Click here for our free guide on how to buy Madison Square Garden Entertainment Corp. Stock.