Manitex International Stock Forecast
Manitex International stock price took a fall of -7.17% on Thursday
(Updated on Mar 28, 2024)
The Manitex International stock price fell by -7.17% on the last day (Thursday, 28th Mar 2024) from $7.39 to $6.86. During the last trading day the stock fluctuated 7.60% from a day low at $6.81 to a day high of $7.33. The price has risen in 6 of the last 10 days and is up by 6.36% over the past 2 weeks. 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 -30 thousand shares and in total, 50 thousand shares were bought and sold for approximately $345.78 thousand.
The stock lies in the middle of a 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 -20.37% during the next 3 months and, with a 90% probability hold a price between $4.69 and $5.86 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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MNTX Signals & Forecast
The Manitex International stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $7.00. On a fall, the stock will find some support from the long-term average at approximately $6.79. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Tuesday, March 12, 2024, and so far it has risen 9.58%. 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. 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 Manitex International stock
Manitex International finds support from accumulated volume at $6.84 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.518 between high and low, or 7.60%. For the last week the stock has had daily average volatility of 4.35%.
Our recommended stop-loss: $6.57 (-4.27%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (MNTX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Manitex International to open at $7.00, and during the day (based on 14 day Average True Range), to move between $6.51 and $7.21, which gives a possible trading interval of +/-$0.355 (+/-5.17%) up or down from last closing price. If Manitex International takes out the full calculated possible swing range there will be an estimated 10.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.84 (0.29%) than the resistance at $7.97 (16.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Manitex International stock A Buy?
Manitex International 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: -0.951 Hold/Accumulate Unchanged
Predicted Opening Price for Manitex International of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$7.00 ( 2.05%) | $6.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MNTX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.52 | 9.60 % | |
R2 | 7.32 | 6.72 % | ||
R1 | 7.20 | 4.94 % | ||
Current price: | 6.86 | |||
Support | S1 | 6.80 | -0.83 % | |
S2 | 6.68 | -2.62 % | ||
S3 | 6.48 | -5.50 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.11 | 18.22 % | |
R2 | 8.00 | 16.62 % | ||
R1 | 7.97 | 16.18 % | ||
Current price | 6.86 | |||
Support | S1 | 6.84 | -0.292% | |
S2 | 6.82 | -0.583% | ||
S3 | 6.47 | -5.69% |
FAQ
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