Penske Automotive Group, Inc Stock Forecast
Penske Automotive Group, Inc stock upgraded from Sell Candidate to Buy Candidate after Monday trading session.
(Updated on Apr 22, 2024)
The Penske Automotive Group, Inc stock price gained 3.14% on the last trading day (Monday, 22nd Apr 2024), rising from £669.50 to £690.50. During the last trading day the stock fluctuated 4.93% from a day low at £659.50 to a day high of £692.00. The price has risen in 5 of the last 10 days and is up by 0.51% over the past 2 weeks. Volume fell on the last day by -20 thousand shares and in total, 244 thousand shares were bought and sold for approximately £168.80 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a weak 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 2.04% during the next 3 months and, with a 90% probability hold a price between £657.82 and £716.66 at the end of this 3-month period.
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PAG.L Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -1.43%. 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). The Penske Automotive Group, Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £678.86 and £676.30. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Penske Automotive Group, Inc stock
Penske Automotive Group, Inc finds support from accumulated volume at £671.50 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 £32.50 between high and low, or 4.93%. For the last week the stock has had daily average volatility of 2.98%.
Our recommended stop-loss: £663.97 (-3.84%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (PAG.L) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Penske Automotive Group, Inc to open at £680.67, and during the day (based on 14 day Average True Range), to move between £669.11 and £711.89, which gives a possible trading interval of +/-£21.39 (+/-3.10%) up or down from last closing price. If Penske Automotive Group, Inc takes out the full calculated possible swing range there will be an estimated 6.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £701.00 (1.52%) than the support at £671.50 (2.75%), 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 Penske Automotive Group, Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Penske Automotive Group, Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.060 Buy Candidate Upgraded
Predicted Opening Price for Penske Automotive Group, Inc of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| £680.67 ( 1.42%) | £690.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAG.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 713.17 | 3.28 % | |
| R2 | 700.75 | 1.48 % | ||
| R1 | 693.08 | 0.374 % | ||
| Current price: | 690.50 | |||
| Support | S1 | 668.25 | -3.22 % | |
| S2 | 660.58 | -4.33 % | ||
| S3 | 648.17 | -6.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 705.00 | 2.10 % | |
| R2 | 704.00 | 1.96 % | ||
| R1 | 701.00 | 1.52 % | ||
| Current price | 690.50 | |||
| Support | S1 | 671.50 | -2.75% | |
| S2 | 644.00 | -6.73% | ||
| S3 | 637.00 | -7.75% |
PAG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 01, 2024 | Feb 01, 2024 | Feb 01, 2024 | £0 | 0% |
| 2 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | £11.00 | 2.16% |
| 3 | Dec 06, 2022 | Feb 02, 2023 | Mar 03, 2023 | £19.20 | 3.21% |
| 4 | Jun 14, 2022 | Jul 07, 2022 | Jul 29, 2022 | £9.40 | 1.76% |
| 5 | Dec 07, 2021 | Jan 27, 2022 | Mar 04, 2022 | £18.90 | 4.27% |
FAQ
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