Mitcham Industries Inc. Series A 9.00% Stock Forecast
A very strong day for Mitcham Industries Inc. Series A 9.00% stock price on Wednesday
(Updated on Apr 24, 2024)
The Mitcham Industries Inc. Series A 9.00% stock price gained 9.88% on the last trading day (Wednesday, 24th Apr 2024), rising from $8.10 to $8.90. During the last trading day the stock fluctuated 8.31% from a day low at $8.30 to a day high of $8.99. The price has fallen in 7 of the last 10 days and is down by -0.67% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 761 more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately $49.66 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 13.52% during the next 3 months and, with a 90% probability hold a price between $9.17 and $13.07 at the end of this 3-month period.
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MINDP Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 10.83%. 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). Mitcham Industries Inc. Series A 9.00% has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mitcham Industries Inc. Series A 9.00% 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 $9.19. On a fall, the stock will find some support from the short-term average at $8.37. 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.
Support, Risk & Stop-loss for Mitcham Industries Inc. Series A 9.00% stock
Mitcham Industries Inc. Series A 9.00% finds support from accumulated volume at $8.60 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.690 between high and low, or 8.31%. For the last week, the stock has had daily average volatility of 3.75%.
Our recommended stop-loss: $8.54 (-4.02%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (MINDP) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock to open at $8.73, and during the day (based on 14 day Average True Range), to move between $8.43 and $9.37, which gives a possible trading interval of +/-$0.471 (+/-5.29%) up or down from last closing price. If Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock takes out the full calculated possible swing range there will be an estimated 10.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.96 (0.62%) than the support at $8.60 (3.37%), 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 Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock stock A Buy?
Mitcham Industries Inc. Series A 9.00% holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.699 Hold/Accumulate Unchanged
Predicted Opening Price for Mitcham Industries Inc. Series A 9.00% Series A Cumulative Preferred Stock of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $8.73 ( 1.91%) | $8.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MINDP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.42 | 5.84 % | |
| R2 | 9.16 | 2.88 % | ||
| R1 | 8.99 | 1.05 % | ||
| Current price: | 8.90 | |||
| Support | S1 | 8.47 | -4.87 % | |
| S2 | 8.30 | -6.70 % | ||
| S3 | 8.04 | -9.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.87 | 22.13 % | |
| R2 | 10.38 | 16.68 % | ||
| R1 | 8.96 | 0.618 % | ||
| Current price | 8.90 | |||
| Support | S1 | 8.60 | -3.37% | |
| S2 | 7.85 | -11.80% | ||
| S3 | 7.65 | -14.04% |
MINDP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 26, 2023 | Oct 12, 2023 | Oct 31, 2023 | $0.563 | 4.69% |
| 2 | Apr 04, 2022 | Apr 13, 2022 | Apr 30, 2022 | $0.563 | 3.64% |
| 3 | Jan 03, 2022 | Jan 13, 2022 | Jan 31, 2022 | $0.563 | 3.13% |
| 4 | Oct 04, 2021 | Oct 14, 2021 | Oct 31, 2021 | $0.563 | 2.30% |
| 5 | Jul 06, 2021 | Jul 14, 2021 | Jul 31, 2021 | $0.563 | 2.24% |
FAQ
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