McEwen Mining Inc. Stock Forecast
McEwen Mining Inc. stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The McEwen Mining Inc. stock price gained 1.26% on the last trading day (Friday, 3rd May 2024), rising from $15.88 to $16.08. During the last trading day the stock fluctuated 2.81% from a day low at $15.65 to a day high of $16.09. The price has risen in 5 of the last 10 days and is up by 4.35% 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, 3 thousand more shares were traded than the day before. In total, 15 thousand shares were bought and sold for approximately $249.22 thousand.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 114.82% during the next 3 months and, with a 90% probability hold a price between $32.20 and $37.60 at the end of this 3-month period.
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MUX.TO Signals & Forecast
The McEwen Mining Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $16.19. On a fall, the stock will find some support from the long-term average at approximately $14.53. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. McEwen Mining Inc. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 26, 2024, and so far it has fallen -4.00%. 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).
Support, Risk & Stop-loss for McEwen Mining Inc. stock
McEwen Mining Inc. finds support from accumulated volume at $15.74 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 $0.440 between high and low, or 2.81%. For the last week, the stock has had daily average volatility of 3.66%.
Our recommended stop-loss: $15.26 (-5.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (MUX.TO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect McEwen Mining Inc. to open at $15.94, and during the day (based on 14 day Average True Range), to move between $15.34 and $16.82, which gives a possible trading interval of +/-$0.741 (+/-4.61%) up or down from last closing price. If McEwen Mining Inc. takes out the full calculated possible swing range there will be an estimated 9.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.31 (1.43%) than the support at $15.74 (2.11%), 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.
Earnings coming up
McEwen Mining Inc. will release earnings BMO on Monday, May 06, 2024. We will update the financials statements for McEwen Mining Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.16% in the first trading day after earnings release.
Is McEwen Mining Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for McEwen Mining Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.190 Buy Candidate Upgraded
Predicted Opening Price for McEwen Mining Inc. of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$15.94 ( 0.87%) | $16.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MUX.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.38 | 1.87 % | |
R2 | 16.21 | 0.82 % | ||
R1 | 16.11 | 0.175 % | ||
Current price: | 16.08 | |||
Support | S1 | 15.77 | -1.92 % | |
S2 | 15.67 | -2.56 % | ||
S3 | 15.50 | -3.61 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.75 | 4.17 % | |
R2 | 16.69 | 3.79 % | ||
R1 | 16.31 | 1.43 % | ||
Current price | 16.08 | |||
Support | S1 | 15.74 | -2.11% | |
S2 | 15.20 | -5.47% | ||
S3 | 14.74 | -8.33% |
MUX Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Aug 13, 2018 | Mar 07, 2019 | Mar 15, 2019 | $0.0070 | 0.0313% |
2 | Aug 13, 2018 | Aug 24, 2018 | Sep 04, 2018 | $0.0070 | 0.0273% |
3 | Feb 01, 2018 | Feb 01, 2018 | Feb 14, 2018 | $0.0600 | 0.203% |
4 | Aug 04, 2017 | Aug 10, 2017 | Aug 17, 2017 | $0.0600 | 0.201% |
5 | Jan 17, 2017 | Feb 01, 2017 | Feb 14, 2017 | $0.0500 | 0.0903% |
FAQ
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