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Mitcham Industries Inc. (MIND)

MIND stock forecast: buy or sell

Close on Sep 25th, 2020
$2.06 0.00%
3 months performance
0.29%
Published: September 26th, 2020 - 05:10

MIND stock outlook

  • Mitcham Industries closed yesterday at $2.06 (-0.48%) prior to presenting earnings at
  • , Mitcham Industries released its Q3 financial report
  • Looking at the chart, price is drawing an scaled downtrend since early August with lower tops and lower bottoms. this downtrend marked a -25.9% loss.
  • Mitcham Industries, Inc., through its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic and maritime security industries worldwide.

Important note:
The viewpoints expressed in this post are personal and should not be followed as recommendations for you to buy or sell stocks. The author of this paper does not have any knowledge of the specific positions of the reader, his or her financial statements or what is in his or her best interest at any given time. All users should speak with their financial advisor before buying or selling any securities Opinions are expressed for education purposes only

MIND stock charts

Should I buy Mitcham Industries stock?

Even if you are a experienced or a novel trader, best trading results come from using an investing strategy that never leaves to random or subjective opinions when is the best moment to buy or sell stocks. Trading strategies are meant for helping you in the decision process of what stocks to pick and when is the best moment to buy them. At Stocks2.com, we like to use very simple but trusted and powerful trend following trading strategies. Simple things usually work the best

Is MIND stock a buy?

Currently, Mitcham Industries stock doesn't match any of these trading strategies, so our recommendation is not to buy now. This doesn't mean we expect a selloff for MIND in the next few days, or that it may not climb higher. Simply, it doesn't match our recommended trading systems

Should I sell Mitcham Industries stock?

"To sell or not to sell", if you are holding Mitcham Industries stock?. Trading strategies let us to avoid impetuous decisions based on our personal feelings or the buzz surrounding the market. Our trading system selects very simple strategies to guide us on when is a good time to sell a stock. Be aware that these strategies are not intended for shorting MIND stock

As a golden rule, you should never mantain an operation that results in greater losses than those expected upon the buy. The timing to sell your stock must always be determined by the stop-loss (automatic or manual)

Is it time to sell Mitcham Industries stock?

In the current situation of Mitcham Industries there is not any eligible sell setup, so Mitcham Industries stock holders with operations in profit can keep their positions

Analysts' recommendations to buy or sell Mitcham Industries stock

Brokerage firms and financial institutions post stock ratings based on their views of the market and the fundamental and technical situation of the analyzed stock. Unfortunately, the accuracy of these predictions is not very high, and certainly not a direct buy or sell signal

In the previous month we couldn't find any rating for Mitcham Industries

Technical analysis

From a technical standpoint, Mitcham Industries continues in downtrend since early August, and has lost a -25.9%. Like in all downtrends, the stock oscillates drawing lower highs and lows. In this case, we have seen 2 consecutive lower tops

SMAs overview

A favorite tool of many traders are the moving averages, that easily show market direction. A moving average is calculated as the simple mean of the previous N periods (usually sessions). Moving averages are usually calculated on different periods depending on the trading timeframe 21, 50, 100 and 200 days are the most usual moving averages

MIND SMAs chart

Supports and resistances

Technical analysts use support and resistance levels to identify price points on a chart that tend to behave as barriers, preventing the price of an asset to move in certain direction. A support level is a level where the price tends to find support as it falls. Price is more likely to "rebound" this level rather than break through it. However, if the price breaks down this level, it will probably continue declining until approaching another support level. In contrast, resistances are where the price may find a curb as it moves up. In the same way, the price is more likely to "bounce off" at this level, and if it finally breaches this level, the price will climb easily until it finds the next resistance

The current resistances are:

  • R1: $2.11 (2.43% above)
  • R2: $2.16 (4.85% above)
  • R3: $2.18 (5.83% above)
  • The current supports are:

  • S1: $2.04 (-0.97% below)
  • S2: $2.00 (-2.91% below)
  • S3: $1.93 (-6.31% below)
  • Bollinger bands

    This is an indicator that was introduced in the 1980s by John Bollinger. In essence, the Bollinger Bands are lines that flow around a moving averagediffering in distance from the bottom to the top depending on market volatility. They are usually drawn by an interval of two standard deviations, above and below, from a moving average line. Bollinger himself recommends the moving average period to be 20

    Since the price broke down the lower band on Wednesday, the price has bounced off by 3%

    MIND RSI chart

    Relative strength index

    The RSI (Relative Strength Index) is an oscillator-type indicator that gauges price movements to detect when the share or financial asset is oversold or overbought. Oscillator indicators, such as relative strength, are intended to indicate values in the range of 0-100. J. Welles Wilder introduced the relative strength indicator in 1978 and since then it has been widely used by investors

    The Relative Strength Indicator has been between the the levels of 30 and 70 for some weeks, and therefore, without this indicator really being helpful in making any decisions.

    MIND RSI chart

    Earnings and financials

    MIND hosted the quarterly shareholders call and presented the Q3 report.

    Same quarter last year, reported EPS was $-0.21, so current EPS means a gain of 100%. Revenue merely moved on an annualized basis in the Q3, from $0.00 to $3.2M last quarter.

    MIND posts quarterly financial report. If you own or you are thinking of buying MIND shares, you must be careful as earnings reporting day usually has a higher than usual volatility, and price can gap up or down with exceptionally low liquidity and not honouring your buy or stop-loss orders. You can obtain more information about the earnings call and the financial reports on the Investor Relations section of its website: http://www.mitchamindustries.com.

    MIND revenues and profits chart