Majesco Forecast and Stock Analysis
Technical MJCO stock analysis for March 20, 2019.
Majesco fell by -0.97% in the last day from $7.22 to $7.15 and has now fallen 3 days in a row. The price has been going up and down for this period, and there has been a 0.85% gain for the last 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -27 028 shares and in total 8 650 shares bought and sold for approximately $61 847.50.
Close price at the end of the last trading day (Wednesday, 20th Mar 2019) of the MJCO stock was $7.15. This is 0.97% less than the trading day before Tuesday, 19th Mar 2019.
During day the stock fluctuated 1.69% from a day low at $7.12 to a day high of $7.24.
30 day high of the MJCO stock price was $7.96 and low was $6.96.
90 day high was $8.90 and low was $6.84.
52 week high for the Majesco - $9.27 and low - $4.93.
Majesco is the lower part of a wide and horizontal trend on short term, and normally this would pose a good buying opportunity, though a break down through the bottom trend line at $7.05 will give a strong sales signal and a trend shift may be expected. Given the current horizontal trend you can expect Majesco with 90% probability to be traded between $7.14 and $8.91 at the end of this period with 90% probability. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
There are few to none technical positive signals at the moment. Majesco holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 $7.23 and $7.54. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Thursday March 14, 2019, which indicates further falls until a new bottom pivot has been found. 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. The very low volume increases the risk and reduces the other technical signals issued.
Relative Strength Index (RSI)
RSI14 is 44 and the stock is currently not being overbought or oversold
Support & Resistance
Majesco finds support from accumulated volume at $7.11.
In general the stock tends to have controlled movements, but the low liquidity has increased the risk substantially.
Our recommended stoploss: $6.78 (-5.11%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 4 days ago.)
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Evaluation: Sell Candidate
Majesco holds several negative signals and this should give a sell recommendation, but due to the general chance for a turnaround situation we recommend to hold or accumulate whilst awaiting for further development.