Meritage Corporation Stock Forecast
Evaluation of Meritage Corporation stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The Meritage Corporation stock price fell by -2.21% on the last day (Wednesday, 24th Apr 2024) from $158.19 to $154.69. During the last trading day the stock fluctuated 4.33% from a day low at $153.47 to a day high of $160.12. The price has been going up and down for this period, and there has been a -0.95% loss for the last 2 weeks. Volume has increased on the last day by 170 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 437 thousand shares were bought and sold for approximately $67.56 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $150.19 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Meritage Corporation stock with a 90% probability to be traded between $151.55 and $177.51 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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MTH Signals & Forecast
There are mixed signals in the stock today. The Meritage Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $160.21. On a fall, the stock will find some support from the short-term average at $152.53. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.06%. Further rise is indicated until a new top pivot has been found.
A buy signal from a double bottom formation was found on Thursday, April 18, 2024 and based on theory for this formation the price should go up by 19.13% to $184.28 within 42 trading days since signal was issued (Thursday, April 25, 2024).
Support, Risk & Stop-loss for Meritage Corporation stock
Meritage Corporation finds support from accumulated volume at $153.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $6.65 between high and low, or 4.33%. For the last week, the stock has had daily average volatility of 3.09%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MTH) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Meritage Corporation to open at $156.09, and during the day (based on 14 day Average True Range), to move between $149.71 and $159.67, which gives a possible trading interval of +/-$4.98 (+/-3.22%) up or down from last closing price. If Meritage Corporation takes out the full calculated possible swing range there will be an estimated 6.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $153.56 (0.73%) than the resistance at $156.92 (1.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Meritage Corporation will release earnings AMC on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $3.56. We will update the financials statements for Meritage Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.43% in the first trading day after earnings release.
Is Meritage Corporation stock A Buy?
Meritage Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.295 Sell Candidate Downgraded
Predicted Opening Price for Meritage Corporation of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $156.09 ( 0.91%) | $154.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 162.74 | 5.21 % | |
| R2 | 160.20 | 3.56 % | ||
| R1 | 158.63 | 2.55 % | ||
| Current price: | 154.69 | |||
| Support | S1 | 153.55 | -0.735 % | |
| S2 | 151.98 | -1.75 % | ||
| S3 | 149.44 | -3.39 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 157.52 | 1.83 % | |
| R2 | 157.31 | 1.69 % | ||
| R1 | 156.92 | 1.44 % | ||
| Current price | 154.69 | |||
| Support | S1 | 153.56 | -0.730% | |
| S2 | 151.69 | -1.94% | ||
| S3 | 150.62 | -2.63% |
MTH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | Mar 14, 2024 | Mar 29, 2024 | $0.750 | 0.427% |
| 2 | Nov 16, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.270 | 0.155% |
| 3 | Aug 23, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.270 | 0.221% |
| 4 | May 18, 2023 | Jun 14, 2023 | Jun 30, 2023 | $0.270 | 0.190% |
| 5 | Feb 16, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.270 | 0.231% |
FAQ
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