Mitsubishi Electric Corp Stock Forecast
Mitsubishi Electric Corp stock price down 0.520% on Monday
(Updated on Apr 22, 2024)
The Mitsubishi Electric Corp stock price fell by -0.520% on the last day (Monday, 22nd Apr 2024) from $32.02 to $31.85. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 1.39% from a day low at $31.56 to a day high of $32.00. The price has fallen in 7 of the last 10 days and is down by -0.99% 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 -19 thousand shares and in total, 39 thousand shares were bought and sold for approximately $1.23 million.
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 $31.23 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 15.67% during the next 3 months and, with a 90% probability hold a price between $36.12 and $41.17 at the end of this 3-month period.
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MIELY Signals & Forecast
There are few to no technical positive signals at the moment. The Mitsubishi Electric Corp 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 $32.45 and $32.82. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -5.99%. 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 Mitsubishi Electric Corp stock
Mitsubishi Electric Corp finds support from accumulated volume at $31.54 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 $0.440 between high and low, or 1.39%. For the last week the stock has had daily average volatility of 2.85%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MIELY) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Mitsubishi Electric Corp to open at $31.80, and during the day (based on 14 day Average True Range), to move between $30.93 and $32.77, which gives a possible trading interval of +/-$0.92 (+/-2.90%) up or down from last closing price. If Mitsubishi Electric Corp takes out the full calculated possible swing range there will be an estimated 5.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $32.00 (0.47%) than the support at $31.54 (0.97%), 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 Mitsubishi Electric Corp stock A Buy?
The Mitsubishi Electric Corp stock holds several negative signals and despite the positive trend, we believe Mitsubishi Electric Corp will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.603 Sell Candidate Unchanged
Predicted Opening Price for Mitsubishi Electric Corp of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $31.80 ( 0.147%) | $31.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MIELY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.24 | 1.23 % | |
| R2 | 32.08 | 0.707 % | ||
| R1 | 31.97 | 0.381 % | ||
| Current price: | 31.85 | |||
| Support | S1 | 31.64 | -0.674 % | |
| S2 | 31.53 | -1.00 % | ||
| S3 | 31.36 | -1.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.87 | 6.34 % | |
| R2 | 32.97 | 3.52 % | ||
| R1 | 32.00 | 0.471 % | ||
| Current price | 31.85 | |||
| Support | S1 | 31.54 | -0.97% | |
| S2 | 29.55 | -7.22% | ||
| S3 | 28.18 | -11.52% |
MIELY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 28, 2023 | Sep 28, 2023 | Dec 18, 2023 | $0.167 | 0.600% |
| 2 | Mar 30, 2023 | Mar 30, 2023 | Jun 16, 2023 | $0.263 | 0.91% |
| 3 | Sep 29, 2022 | Sep 29, 2022 | Dec 16, 2022 | $0.130 | 0.667% |
| 4 | Sep 27, 2006 | Sep 27, 2006 | Sep 27, 2006 | $0.0856 | 0.516% |
| 5 | Mar 28, 2006 | Mar 28, 2006 | Mar 28, 2006 | $0.0510 | 0.311% |
FAQ
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