Mullen Group Ltd. Stock Forecast
Mullen Group Ltd. stock upgraded from Strong Sell Candidate to Sell Candidate after Wednesday trading session.
(Updated on May 01, 2024)
The Mullen Group Ltd. stock price fell by -1.80% on the last day (Wednesday, 1st May 2024) from $12.78 to $12.55. During the last trading day the stock fluctuated 1.75% from a day low at $12.54 to a day high of $12.76. The price has fallen in 6 of the last 10 days and is down by -12.3% for this period. 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 -115 thousand shares and in total, 422 thousand shares were bought and sold for approximately $5.29 million.
The stock has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($13.41) are considered to be a "second chance" to get out. According to the fan-theory $12.16 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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MTL.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Mullen Group Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $13.38 and $14.35. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -16.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Mullen Group Ltd. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.220 between high and low, or 1.75%. For the last week, the stock has had daily average volatility of 3.06%.
Mullen Group Ltd. is oversold on RSI14 (12). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MTL.TO) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Mullen Group Ltd. to open at $12.62, and during the day (based on 14 day Average True Range), to move between $12.23 and $12.87, which gives a possible trading interval of +/-$0.316 (+/-2.51%) up or down from last closing price. If Mullen Group Ltd. takes out the full calculated possible swing range there will be an estimated 5.03% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $13.10, some $0.550 (4.38%) from the current price of $12.55, our system finds the risk reward not very attractive.
Is Mullen Group Ltd. stock A Buy?
Mullen Group Ltd. holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.568 Sell Candidate Upgraded
Predicted Opening Price for Mullen Group Ltd. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $12.62 ( 0.531%) | $12.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTL.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.84 | 2.28 % | |
| R2 | 12.75 | 1.61 % | ||
| R1 | 12.70 | 1.20 % | ||
| Current price: | 12.55 | |||
| Support | S1 | 12.53 | -0.138 % | |
| S2 | 12.48 | -0.552 % | ||
| S3 | 12.40 | -1.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.60 | 16.33 % | |
| R2 | 13.12 | 4.54 % | ||
| R1 | 13.10 | 4.38 % | ||
| Current price | 12.55 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
MTL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 29, 2024 | Apr 29, 2024 | May 15, 2024 | $0.0600 | 0.478% |
| 2 | Mar 27, 2024 | Mar 27, 2024 | Mar 27, 2024 | $0 | 0% |
| 3 | Feb 28, 2024 | Feb 28, 2024 | Mar 15, 2024 | $0.0600 | 0.418% |
| 4 | Jan 30, 2024 | Jan 30, 2024 | Feb 15, 2024 | $0.0600 | 0.411% |
| 5 | Dec 28, 2023 | Dec 28, 2023 | Dec 28, 2023 | $0 | 0% |
FAQ
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