Mayne Pharma Group Limited Stock Forecast
Evaluation of Mayne Pharma Group Limited stock downgraded after the last trading session.
(Updated on Apr 30, 2024)
The Mayne Pharma Group Limited stock price fell by -1.97% on the last day (Tuesday, 30th Apr 2024) from $7.11 to $6.97. During the last trading day the stock fluctuated 3.03% from a day low at $6.94 to a day high of $7.15. The price has fallen in 6 of the last 10 days but is still up by 0.14% over the past 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 -20 thousand shares and in total, 93 thousand shares were bought and sold for approximately $645.85 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.77 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 36.25% during the next 3 months and, with a 90% probability hold a price between $9.22 and $10.77 at the end of this 3-month period.
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MYX.AX Signals & Forecast
There are mixed signals in the stock today. The Mayne Pharma Group Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $7.00. On a fall, the stock will find some support from the short-term average at $6.96. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, April 02, 2024, and so far it has fallen -3.86%. 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 $6.80 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.210 between high and low, or 3.03%. For the last week the stock has had daily average volatility of 2.99%.
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 Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Mayne Pharma Group Limited to open at $7.02, and during the day (based on 14 day Average True Range), to move between $6.74 and $7.20, which gives a possible trading interval of +/-$0.231 (+/-3.32%) 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 6.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.00 (0.43%) than the support at $6.80 (2.44%), 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?
Mayne Pharma Group 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.870 Sell Candidate Downgraded
Predicted Opening Price for Mayne Pharma Group Limited of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $7.02 ( 0.717%) | $6.97 |
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 | 7.23 | 3.73 % | |
| R2 | 7.15 | 2.58 % | ||
| R1 | 7.10 | 1.87 % | ||
| Current price: | 6.97 | |||
| Support | S1 | 6.94 | -0.434 % | |
| S2 | 6.89 | -1.14 % | ||
| S3 | 6.81 | -2.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.24 | 3.87 % | |
| R2 | 7.19 | 3.16 % | ||
| R1 | 7.00 | 0.430 % | ||
| Current price | 6.97 | |||
| Support | S1 | 6.80 | -2.44% | |
| S2 | 6.38 | -8.46% | ||
| S3 | 6.03 | -13.49% |
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
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