Mitie Group plc Stock Forecast
A very strong day for Mitie Group plc stock price on Monday
(Updated on Apr 15, 2024)
The Mitie Group plc stock price gained 6.63% on the last trading day (Monday, 15th Apr 2024), rising from £111.60 to £119.00. During the last trading day the stock fluctuated 3.96% from a day low at £116.20 to a day high of £120.80. The price has risen in 6 of the last 10 days and is up by 13.33% 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, 9 million more shares were traded than the day before. In total, 11 million shares were bought and sold for approximately £1.27 billion.
The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at £114.61, a level that may pose a second chance to hit a runner. According to fan-theory £123.36 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
MTO.L Signals & Forecast
The Mitie Group plc 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 £113.00 and £107.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 25, 2024, and so far it has risen 14.86%. 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. The stock had a Golden Star Signal on Tuesday, January 23, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, October 31, 2023.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Tuesday, January 23, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, October 31, 2023.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Tuesday, January 23, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, October 31, 2023.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Mitie Group plc stock
On the downside, the stock finds support just below today's level from accumulated volume at £105.20 and £105.00. 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, Mitie Group plc finds support just below today's level at £105.20. If this is broken, then the next support from accumulated volume will be at £105.00 and £102.80.
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 £4.60 between high and low, or 3.96%. For the last week, the stock has had daily average volatility of 3.68%.
Our recommended stop-loss: £114.86 (-3.48%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (MTO.L) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Mitie Group plc to open at £118.67, and during the day (based on 14 day Average True Range), to move between £115.07 and £122.93, which gives a possible trading interval of +/-£3.93 (+/-3.30%) up or down from last closing price. If Mitie Group plc takes out the full calculated possible swing range there will be an estimated 6.60% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ £105.20, some £13.80 (11.60%) from the current price of £119.00, our system finds the risk reward attractive.
Is Mitie Group plc stock A Buy?
Mitie Group plc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Mitie Group plc of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| £118.67 ( 0.280%) | £119.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTO.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 123.27 | 3.59 % | |
| R2 | 121.51 | 2.11 % | ||
| R1 | 120.42 | 1.20 % | ||
| Current price: | 119.00 | |||
| Support | S1 | 116.91 | -1.76 % | |
| S2 | 115.82 | -2.67 % | ||
| S3 | 114.07 | -4.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 119.00 | |||
| Support | S1 | 105.20 | -11.60% | |
| S2 | 105.00 | -11.76% | ||
| S3 | 102.80 | -13.61% |
MTO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 14, 2023 | Dec 14, 2023 | Dec 14, 2023 | £0 | 0% |
| 2 | Jun 22, 2023 | Jun 22, 2023 | Jun 22, 2023 | £2.20 | 2.29% |
| 3 | Nov 17, 2022 | Dec 15, 2022 | Feb 01, 2023 | £0.700 | 0.88% |
| 4 | Jun 09, 2022 | Jun 23, 2022 | Aug 05, 2022 | £1.40 | 1.79% |
| 5 | Nov 18, 2021 | Dec 16, 2021 | Feb 02, 2022 | £0.400 | 0.646% |
FAQ
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