Mayne Pharma Group Limited Stock Forecast
Mayne Pharma Group Limited stock price down 2.06% on Wednesday
(Updated on Apr 17, 2024)
The Mayne Pharma Group Limited stock price fell by -2.06% on the last day (Wednesday, 17th Apr 2024) from $6.80 to $6.66. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 2.72% from a day low at $6.61 to a day high of $6.79. The price has fallen in 6 of the last 10 days and is down by -6.06% for this period. 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 -229 thousand shares and in total, 80 thousand shares were bought and sold for approximately $529.86 thousand.
Given the current short-term trend, the stock is expected to rise 48.75% during the next 3 months and, with a 90% probability hold a price between $9.91 and $11.46 at the end of this 3-month period.
MYX.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Mayne Pharma Group Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $6.99 and $6.97. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 02, 2024, and so far it has fallen -8.14%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Mayne Pharma Group Limited stock
Mayne Pharma Group Limited finds support from accumulated volume at $6.38 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 controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.180 between high and low, or 2.72%. For the last week the stock has had daily average volatility of 2.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MYX.AX) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Mayne Pharma Group Limited to open at $6.69, and during the day (based on 14 day Average True Range), to move between $6.43 and $6.89, which gives a possible trading interval of +/-$0.234 (+/-3.51%) up or down from last closing price. If Mayne Pharma Group Limited takes out the full calculated possible swing range there will be an estimated 7.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.80 (2.10%) than the support at $6.38 (4.20%), 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 Mayne Pharma Group Limited stock A Buy?
The Mayne Pharma Group Limited stock holds several negative signals and despite the positive trend, we believe Mayne Pharma Group Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.977 Sell Candidate Unchanged
Predicted Opening Price for Mayne Pharma Group Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $6.69 ( 0.400%) | $6.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYX.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.87 | 3.10 % | |
| R2 | 6.80 | 2.07 % | ||
| R1 | 6.76 | 1.43 % | ||
| Current price: | 6.66 | |||
| Support | S1 | 6.62 | -0.632 % | |
| S2 | 6.58 | -1.27 % | ||
| S3 | 6.51 | -2.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.19 | 7.96 % | |
| R2 | 7.00 | 5.11 % | ||
| R1 | 6.80 | 2.10 % | ||
| Current price | 6.66 | |||
| Support | S1 | 6.38 | -4.20% | |
| S2 | 6.03 | -9.46% | ||
| S3 | 5.31 | -20.27% |
MYX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2023 | Jan 18, 2023 | Jan 18, 2023 | $0.544 | 12.09% |
| 2 | Feb 25, 2011 | Mar 03, 2011 | Mar 25, 2011 | $0.143 | 1.43% |
| 3 | Aug 31, 2010 | Oct 25, 2010 | Nov 18, 2010 | $0.287 | 2.98% |
FAQ
Click here for our free guide on how to buy Mayne Pharma Group Limited Stock.
