Metcash Limited Stock Forecast
Metcash Limited stock downgraded to Sell Candidate
(Updated on May 24, 2024)
The Metcash Limited stock price fell by -1.59% on the last day (Friday, 24th May 2024) from $3.78 to $3.72. During the last trading day the stock fluctuated 2.45% from a day low at $3.68 to a day high of $3.77. The price has been going up and down for this period, and there has been a -2.87% loss for the last 2 weeks. 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 -862 thousand shares and in total, 3 million shares were bought and sold for approximately $12.96 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $3.69 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Metcash Limited stock with a 90% probability to be traded between $3.75 and $4.10 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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MTS.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Metcash Limited 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 $3.82 and $3.87. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 14, 2024, and so far it has fallen -6.77%. 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. The stock had a Golden Star Signal on Monday, February 26, 2024 in the long-term chart.
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 Monday, February 26, 2024 in the long-term chart.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 Metcash Limited stock
Metcash Limited finds support from accumulated volume at $3.71 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0900 between high and low, or 2.45%. For the last week the stock has had daily average volatility of 2.17%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MTS.AX) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect Metcash Limited to open at $3.72, and during the day (based on 14 day Average True Range), to move between $3.66 and $3.78, which gives a possible trading interval of +/-$0.0644 (+/-1.73%) up or down from last closing price. If Metcash Limited takes out the full calculated possible swing range there will be an estimated 3.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.71 (0.27%) than the resistance at $3.89 (4.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Metcash Limited stock A Buy?
Metcash Limited 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. 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 Sell candidate.
Current score: -2.300 Sell Candidate Downgraded
Predicted Opening Price for Metcash Limited of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| $3.72 ( 0.0896%) | $3.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTS.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.81 | 2.51 % | |
| R2 | 3.78 | 1.58 % | ||
| R1 | 3.76 | 1.01 % | ||
| Current price: | 3.72 | |||
| Support | S1 | 3.69 | -0.83 % | |
| S2 | 3.67 | -1.41 % | ||
| S3 | 3.63 | -2.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.91 | 5.11 % | |
| R2 | 3.90 | 4.84 % | ||
| R1 | 3.89 | 4.57 % | ||
| Current price | 3.72 | |||
| Support | S1 | 3.71 | -0.269% | |
| S2 | 3.68 | -1.08% | ||
| S3 | 3.63 | -2.42% |
MTS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 14, 2023 | Dec 14, 2023 | Dec 14, 2023 | $0 | 0% |
| 2 | Jul 18, 2023 | Jul 18, 2023 | Jul 18, 2023 | $0.110 | 3.05% |
| 3 | Dec 20, 2022 | Dec 20, 2022 | Dec 20, 2022 | $0.115 | 2.83% |
| 4 | Jul 12, 2022 | Jul 12, 2022 | Jul 12, 2022 | $0.110 | 2.60% |
| 5 | Dec 21, 2021 | Dec 21, 2021 | Dec 21, 2021 | $0.105 | 2.40% |
FAQ
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