Old Mutual Limited Stock Forecast

Old Mutual Limited stock price ended at $1,096.00 on Friday, after losing 0.273%.
(Updated on May 10, 2024)

OMU.JO Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 8.73%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Old Mutual 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 $1,101.00 and $1,097.80. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Old Mutual Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $1,015.00 and $1,012.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Old Mutual Limited finds support just below today's level at $1,015.00. If this is broken, then the next support from accumulated volume will be at $1,012.00 and $1,008.00.

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 $27.00 between high and low, or 2.46%. For the last week, the stock has had daily average volatility of 2.12%.

The Old Mutual Limited stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (OMU.JO) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Old Mutual Limited to open at $1,105.00, and during the day (based on 14 day Average True Range), to move between $1,063.23 and $1,128.77, which gives a possible trading interval of +/-$32.77 (+/-2.99%) up or down from last closing price. If Old Mutual Limited takes out the full calculated possible swing range there will be an estimated 5.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $1,164.00 (6.20%) than the support at $1,015.00 (7.39%), 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 Old Mutual Limited stock A Buy?

Old Mutual 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: -1.716 Sell Candidate Unchanged

Predicted Opening Price for Old Mutual Limited of Monday, May 13, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.