Legal & General Group plc Stock Forecast
Legal & General Group plc stock price fell more than -6.36% Thursday closing at £232.80
(Updated on Apr 25, 2024)
The Legal & General Group plc stock price fell by -6.36% on the last day (Thursday, 25th Apr 2024) from £248.60 to £232.80. During the last trading day the stock fluctuated 2.94% from a day low at £231.30 to a day high of £238.10. The price has fallen in 6 of the last 10 days and is down by -6.24% for this period. Volume has increased on the last day by 350 thousand 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, 30 million shares were bought and sold for approximately £7.03 billion.
The stock has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately £234.54 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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LGEN.L Signals & Forecast
There are few to no technical positive signals at the moment. The Legal & General Group plc 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 £245.36 and £248.81. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -9.13%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Legal & General Group plc stock
Legal & General Group plc finds support from accumulated volume at £230.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved £6.80 between high and low, or 2.94%. For the last week the stock has had daily average volatility of 2.03%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LGEN.L) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Legal & General Group plc to open at £234.07, and during the day (based on 14 day Average True Range), to move between £225.87 and £239.73, which gives a possible trading interval of +/-£6.93 (+/-2.98%) up or down from last closing price. If Legal & General Group plc takes out the full calculated possible swing range there will be an estimated 5.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £230.80 (0.86%) than the resistance at £243.30 (4.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Legal & General Group plc stock A Buy?
Legal & General Group plc holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.286 Sell Candidate Unchanged
Predicted Opening Price for Legal & General Group plc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| £234.07 ( 0.544%) | £232.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LGEN.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 240.87 | 3.47 % | |
| R2 | 238.27 | 2.35 % | ||
| R1 | 236.66 | 1.66 % | ||
| Current price: | 232.80 | |||
| Support | S1 | 231.47 | -0.572 % | |
| S2 | 229.86 | -1.26 % | ||
| S3 | 227.27 | -2.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 245.40 | 5.41 % | |
| R2 | 243.90 | 4.77 % | ||
| R1 | 243.30 | 4.51 % | ||
| Current price | 232.80 | |||
| Support | S1 | 230.80 | -0.86% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
LGEN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | Apr 25, 2024 | Jun 06, 2024 | £14.63 | 6.28% |
| 2 | Aug 24, 2023 | Aug 24, 2023 | Aug 24, 2023 | £5.71 | 2.66% |
| 3 | Mar 08, 2023 | Apr 27, 2023 | Jun 05, 2023 | £13.93 | 5.94% |
| 4 | Aug 09, 2022 | Aug 18, 2022 | Sep 26, 2022 | £5.44 | 2.25% |
| 5 | Mar 09, 2022 | Apr 21, 2022 | Jun 01, 2022 | £13.27 | 5.19% |
FAQ
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