Mitcham Industries Stock Forecast
Mitcham Industries stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)
The Mitcham Industries stock price fell by -3.76% on the last day (Thursday, 25th Apr 2024) from $4.26 to $4.10. During the last trading day the stock fluctuated 2.44% from a day low at $4.10 to a day high of $4.20. The price has risen in 4 of the last 10 days but is still down by -2.61% for this period. Volume has increased on the last day by 653 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 653 shares were bought and sold for approximately $2.68 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -33.35% during the next 3 months and, with a 90% probability hold a price between $2.49 and $3.31 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MIND Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 1.99%. 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 Mitcham Industries 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 $4.16 and $4.79. A break-up above any of these levels will issue buy signals. Mitcham Industries gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Mitcham Industries stock
Mitcham Industries finds support from accumulated volume at $4.07 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.100 between high and low, or 2.44%. For the last week, the stock has had daily average volatility of 2.48%.
Our recommended stop-loss: $3.91 (-4.54%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (MIND) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Mitcham Industries to open at $4.13, and during the day (based on 14 day Average True Range), to move between $3.91 and $4.29, which gives a possible trading interval of +/-$0.185 (+/-4.52%) up or down from last closing price. If Mitcham Industries takes out the full calculated possible swing range there will be an estimated 9.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.07 (0.73%) than the resistance at $4.19 (2.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mitcham Industries stock A Buy?
Mitcham Industries holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Mitcham Industries of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $4.13 ( 0.81%) | $4.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MIND
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.23 | 3.25 % | |
| R2 | 4.20 | 2.32 % | ||
| R1 | 4.17 | 1.74 % | ||
| Current price: | 4.10 | |||
| Support | S1 | 4.10 | -0.119 % | |
| S2 | 4.07 | -0.694 % | ||
| S3 | 4.03 | -1.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.53 | 10.37 % | |
| R2 | 4.26 | 3.87 % | ||
| R1 | 4.19 | 2.20 % | ||
| Current price | 4.10 | |||
| Support | S1 | 4.07 | -0.732% | |
| S2 | 4.02 | -1.95% | ||
| S3 | 0 | . |
MIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Oct 05, 2018 | Oct 12, 2018 | Oct 31, 2018 | $0.563 | 0.141% |
FAQ
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