Pinnacle West Capital Corporation Stock Forecast

Green day on Friday for Pinnacle West Capital Corporation stock after gaining 1.00%
(Updated on May 03, 2024)

PNW Signals & Forecast

Mostly positive signals in the chart today. The Pinnacle West Capital Corporation 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 $74.60 and $73.39. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 6.43%. 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). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Tuesday, March 05, 2024 in the short-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 Pinnacle West Capital Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $69.01 and $68.33. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Pinnacle West Capital Corporation finds support just below today's level at $69.01. If this is broken, then the next support from accumulated volume will be at $68.33 and $68.05.

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 $1.07 between high and low, or 1.43%. For the last week the stock has had daily average volatility of 2.01%.

Our recommended stop-loss: $72.20 (-4.74%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (PNW) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Pinnacle West Capital Corporation to open at $75.62, and during the day (based on 14 day Average True Range), to move between $74.40 and $77.18, which gives a possible trading interval of +/-$1.39 (+/-1.83%) up or down from last closing price. If Pinnacle West Capital Corporation takes out the full calculated possible swing range there will be an estimated 3.66% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $69.01, some $6.78 (8.95%) from the current price of $75.79, our system finds the risk reward attractive.

Is Pinnacle West Capital Corporation stock A Buy?

Pinnacle West Capital Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 6.541 Strong Buy Candidate Unchanged

Predicted Opening Price for Pinnacle West Capital Corporation of Monday, May 6, 2024

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