Myer Holdings Limited Stock Forecast
Green day on Friday for Myer Holdings Limited stock after gaining 0.699%
(Updated on May 03, 2024)
The Myer Holdings Limited stock price gained 0.699% on the last trading day (Friday, 3rd May 2024), rising from $0.715 to $0.720. During the last trading day the stock fluctuated 4.20% from a day low at $0.715 to a day high of $0.745. The price has risen in 6 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 185 thousand more shares were traded than the day before. In total, 515 thousand shares were bought and sold for approximately $370.78 thousand.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.699 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Myer Holdings Limited stock with a 90% probability to be traded between $0.695 and $0.85 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MYR.AX Signals & Forecast
There are mixed signals in the stock today. The Myer Holdings 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 $0.741 and $0.778. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.86%. 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). Myer Holdings Limited 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.
Support, Risk & Stop-loss for Myer Holdings Limited stock
Myer Holdings Limited finds support from accumulated volume at $0.710 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 $0.0300 between high and low, or 4.20%. For the last week, the stock has had daily average volatility of 3.16%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MYR.AX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Myer Holdings Limited to open at $0.727, and during the day (based on 14 day Average True Range), to move between $0.691 and $0.749, which gives a possible trading interval of +/-$0.0295 (+/-4.09%) up or down from last closing price. If Myer Holdings Limited takes out the full calculated possible swing range there will be an estimated 8.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.710 (1.39%) than the resistance at $0.745 (3.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Myer Holdings Limited stock A Buy?
Myer Holdings Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.381 Sell Candidate Unchanged
Predicted Opening Price for Myer Holdings Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.727 ( 0.93%) | $0.720 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYR.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.757 | 5.09 % | |
| R2 | 0.745 | 3.50 % | ||
| R1 | 0.738 | 2.52 % | ||
| Current price: | 0.720 | |||
| Support | S1 | 0.715 | -0.666 % | |
| S2 | 0.708 | -1.65 % | ||
| S3 | 0.697 | -3.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.86 | 18.75 % | |
| R2 | 0.760 | 5.56 % | ||
| R1 | 0.745 | 3.47 % | ||
| Current price | 0.720 | |||
| Support | S1 | 0.710 | -1.39% | |
| S2 | 0.700 | -2.78% | ||
| S3 | 0.665 | -7.64% |
MYR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | May 16, 2024 | $0.0300 | 4.17% |
| 2 | Mar 22, 2023 | Mar 22, 2023 | Mar 22, 2023 | $0.0400 | 4.35% |
| 3 | Sep 28, 2022 | Sep 28, 2022 | Sep 28, 2022 | $0.0250 | 4.55% |
| 4 | Mar 23, 2022 | Mar 23, 2022 | Mar 23, 2022 | $0.0150 | 3.00% |
| 5 | Sep 14, 2017 | Sep 27, 2017 | Nov 09, 2017 | $0.0200 | 2.86% |
FAQ
Click here for our free guide on how to buy Myer Holdings Limited Stock.
