MTN Group Limited Stock Forecast
Green day on Friday for MTN Group Limited stock after gaining 1.20%
(Updated on May 03, 2024)
The MTN Group Limited stock price gained 1.20% on the last trading day (Friday, 3rd May 2024), rising from $9,260.00 to $9,371.00. During the last trading day the stock fluctuated 2.62% from a day low at $9,275.00 to a day high of $9,518.00. The price has risen in 8 of the last 10 days and is up by 14.28% over the past 2 weeks. Volume fell on the last day by -251 thousand shares and in total, 8 million shares were bought and sold for approximately $74.06 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.39% during the next 3 months and, with a 90% probability hold a price between $7,811.97 and $9,491.11 at the end of this 3-month period.
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MTN.JO Signals & Forecast
The MTN Group Limited 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 $8,876.14 and $8,852.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 16.45%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for MTN Group Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $8,629.00 and $8,413.00. 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, MTN Group Limited finds support just below today's level at $8,629.00. If this is broken, then the next support from accumulated volume will be at $8,413.00 and $8,200.00.
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 $243.00 between high and low, or 2.62%. For the last week, the stock has had daily average volatility of 4.14%.
Our recommended stop-loss: $9,058.01 (-3.34%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (MTN.JO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect MTN Group Limited to open at $9,388.00, and during the day (based on 14 day Average True Range), to move between $9,036.61 and $9,705.39, which gives a possible trading interval of +/-$334.39 (+/-3.57%) up or down from last closing price. If MTN Group Limited takes out the full calculated possible swing range there will be an estimated 7.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9,399.00 (0.30%) than the support at $8,629.00 (7.92%), 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 MTN Group Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.200 Buy Candidate Unchanged
Predicted Opening Price for MTN Group Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $9,388.00 ( 0.181%) | $9,371.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTN.JO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9,631.00 | 2.77 % | |
| R2 | 9,538.17 | 1.78 % | ||
| R1 | 9,480.83 | 1.17 % | ||
| Current price: | 9,371.00 | |||
| Support | S1 | 9,295.17 | -0.81 % | |
| S2 | 9,237.83 | -1.42 % | ||
| S3 | 9,145.00 | -2.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9,706.00 | 3.57 % | |
| R2 | 9,410.00 | 0.416 % | ||
| R1 | 9,399.00 | 0.299 % | ||
| Current price | 9,371.00 | |||
| Support | S1 | 8,629.00 | -7.92% | |
| S2 | 8,413.00 | -10.22% | ||
| S3 | 8,200.00 | -12.50% |
MTN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 2024 | Apr 17, 2024 | Apr 22, 2024 | $330.00 | 3.98% |
| 2 | Apr 04, 2023 | Apr 04, 2023 | Apr 04, 2023 | $330.00 | 2.60% |
| 3 | Mar 30, 2022 | Mar 30, 2022 | Mar 30, 2022 | $300.00 | 1.56% |
| 4 | Apr 01, 2020 | Apr 01, 2020 | Apr 01, 2020 | $355.00 | 8.16% |
| 5 | Aug 28, 2019 | Aug 28, 2019 | Aug 28, 2019 | $195.00 | 1.92% |
FAQ
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