MTN Group Ltd Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Stronger technical forecast for MTN Group Ltd stock price after Friday trading.
(Updated on May 03, 2024)
The MTN Group Ltd stock price gained 2.83% on the last trading day (Friday, 3rd May 2024), rising from $4.95 to $5.09. During the last trading day the stock fluctuated 4.00% from a day low at $5.00 to a day high of $5.20. The price has risen in 8 of the last 10 days and is up by 16.74% 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, 7 thousand more shares were traded than the day before. In total, 22 thousand shares were bought and sold for approximately $111.84 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect MTN Group Ltd stock with a 90% probability to be traded between $4.35 and $5.33 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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MTNOY Signals & Forecast
Mostly positive signals in the chart today. The MTN Group Ltd 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 $4.79 and $4.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 16.74%. 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). MTN Group Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
A buy signal from a double bottom formation was found on Friday, April 19, 2024 and based on theory for this formation the price should go up by 10.36% to $5.62 within 32 trading days since signal was issued (Monday, May 06, 2024).
Support, Risk & Stop-loss for MTN Group Ltd stock
MTN Group Ltd finds support from accumulated volume at $4.92 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 $0.200 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 3.52%.
Our recommended stop-loss: $4.91 (-3.60%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (MTNOY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect MTN Group Ltd to open at $5.10, and during the day (based on 14 day Average True Range), to move between $4.90 and $5.28, which gives a possible trading interval of +/-$0.186 (+/-3.65%) up or down from last closing price. If MTN Group Ltd takes out the full calculated possible swing range there will be an estimated 7.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.13 (0.79%) than the support at $4.92 (3.34%), 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 Ltd stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for MTN Group Ltd stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.006 Buy Candidate Upgraded
Predicted Opening Price for MTN Group Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $5.10 ( 0.131%) | $5.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTNOY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.30 | 4.06 % | |
| R2 | 5.22 | 2.56 % | ||
| R1 | 5.17 | 1.63 % | ||
| Current price: | 5.09 | |||
| Support | S1 | 5.02 | -1.37 % | |
| S2 | 4.97 | -2.30 % | ||
| S3 | 4.90 | -3.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.35 | 5.11 % | |
| R2 | 5.29 | 3.93 % | ||
| R1 | 5.13 | 0.786 % | ||
| Current price | 5.09 | |||
| Support | S1 | 4.92 | -3.34% | |
| S2 | 4.56 | -10.41% | ||
| S3 | 4.44 | -12.77% |
MTNOY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 18, 2024 | Apr 18, 2024 | May 02, 2024 | $0.123 | 2.48% |
| 2 | Jun 28, 2023 | Apr 05, 2023 | Apr 21, 2023 | $0.179 | 2.55% |
| 3 | Mar 31, 2022 | Mar 31, 2022 | Apr 14, 2022 | $0.199 | 1.69% |
| 4 | Apr 02, 2020 | Apr 02, 2020 | Apr 02, 2020 | $0.214 | 8.26% |
| 5 | Aug 12, 2019 | Aug 29, 2019 | Sep 12, 2019 | $0.127 | 1.88% |
FAQ
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