Alumasc Group plc Stock Forecast
Alumasc Group plc stock upgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The Alumasc Group plc stock price gained 0.437% on the last trading day (Friday, 10th May 2024), rising from £183.20 to £184.00. During the last trading day the stock fluctuated 3.28% from a day low at £180.00 to a day high of £185.90. The price has risen in 4 of the last 10 days and is up by 3.66% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 34 thousand more shares were traded than the day before. In total, 34 thousand shares were bought and sold for approximately £6.30 million.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. £183.84 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach £201.57 sometime during the next 3 months.
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ALU.L Signals & Forecast
The Alumasc Group plc 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 £183.13 and £175.02. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Alumasc Group plc stock
Alumasc Group plc finds support from accumulated volume at £182.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved £5.90 between high and low, or 3.28%. For the last week, the stock has had daily average volatility of 2.94%.
Our recommended stop-loss: £177.56 (-3.50%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (ALU.L) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Alumasc Group plc to open at £183.30, and during the day (based on 14 day Average True Range), to move between £177.96 and £190.04, which gives a possible trading interval of +/-£6.04 (+/-3.28%) up or down from last closing price. If Alumasc Group plc takes out the full calculated possible swing range there will be an estimated 6.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £182.50 (0.82%) than the resistance at £186.00 (1.09%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Alumasc Group plc stock A Buy?
Alumasc Group plc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Alumasc Group plc of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| £183.30 ( 0.380%) | £184.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALU.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 189.20 | 2.83 % | |
| R2 | 186.95 | 1.60 % | ||
| R1 | 185.55 | 0.84 % | ||
| Current price: | 184.00 | |||
| Support | S1 | 181.05 | -1.61 % | |
| S2 | 179.65 | -2.36 % | ||
| S3 | 177.40 | -3.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 189.00 | 2.72 % | ||
| R1 | 186.00 | 1.09 % | ||
| Current price | 184.00 | |||
| Support | S1 | 182.50 | -0.82% | |
| S2 | 181.50 | -1.36% | ||
| S3 | 171.50 | -6.79% |
ALU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | Feb 22, 2024 | Apr 08, 2024 | £3.45 | 2.01% |
| 2 | Feb 07, 2023 | Feb 23, 2023 | Apr 06, 2023 | £3.40 | 2.42% |
| 3 | Sep 06, 2022 | Sep 29, 2022 | Nov 04, 2022 | £6.65 | 4.54% |
| 4 | Feb 08, 2022 | Feb 24, 2022 | Apr 06, 2022 | £3.35 | 1.65% |
| 5 | Sep 07, 2021 | Sep 23, 2021 | Oct 29, 2021 | £6.25 | 2.72% |
FAQ
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