Penske Automotive Group Inc Stock Forecast

Evaluation of Penske Automotive Group Inc stock downgraded after the last trading session.
(Updated on Apr 29, 2024)

PAG Signals & Forecast

The Penske Automotive Group Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $152.40 and $153.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.36%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Thursday, April 25, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Penske Automotive Group Inc stock

Penske Automotive Group Inc finds support from accumulated volume at $149.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $3.27 (2.12%) between high and low. For the last week, the stock has had daily average volatility of 2.37%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (PAG) For The Upcoming Trading Day Of Tuesday 30th

For the upcoming trading day on Tuesday, 30th we expect Penske Automotive Group Inc to open at $155.59, and during the day (based on 14 day Average True Range), to move between $152.06 and $158.70, which gives a possible trading interval of +/-$3.32 (+/-2.13%) 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 4.27% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $155.63 (0.16%) than the support at $149.39 (3.86%), 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?

Penske Automotive Group Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.149 Sell Candidate Downgraded

Predicted Opening Price for Penske Automotive Group Inc of Tuesday, April 30, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.