Chemring Group PLC Stock Forecast
Chemring Group PLC stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 02, 2024)
The Chemring Group PLC stock price fell by -0.90% on the last day (Thursday, 2nd May 2024) from £387.50 to £384.00. During the last trading day the stock fluctuated 6.20% from a day low at £379.00 to a day high of £402.50. The price has risen in 7 of the last 10 days and is up by 11.79% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -332 thousand shares and in total, 787 thousand shares were bought and sold for approximately £302.32 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at £387.74 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 3.99% during the next 3 months and, with a 90% probability hold a price between £359.74 and £403.21 at the end of this 3-month period.
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CHG.L Signals & Forecast
The Chemring 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 £375.36 and £359.74. 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). 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 Wednesday, May 01, 2024, and so far it has fallen -0.90%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Chemring Group PLC stock
On the downside, the stock finds support just below today's level from accumulated volume at £363.50 and £362.50. 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, Chemring Group PLC finds support just below today's level at £363.50. If this is broken, then the next support from accumulated volume will be at £362.50 and £347.00.
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 £23.50 between high and low, or 6.20%. For the last week, the stock has had daily average volatility of 4.75%.
Our recommended stop-loss: £368.70 (-3.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (CHG.L) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Chemring Group PLC to open at £388.50, and during the day (based on 14 day Average True Range), to move between £369.91 and £398.09, which gives a possible trading interval of +/-£14.09 (+/-3.67%) up or down from last closing price. If Chemring Group PLC takes out the full calculated possible swing range there will be an estimated 7.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £387.50 (0.91%) than the support at £363.50 (5.34%), 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 Chemring Group PLC 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 Chemring Group PLC stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.084 Buy Candidate Upgraded
Predicted Opening Price for Chemring Group PLC of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| £388.50 ( 1.17%) | £384.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHG.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 412.00 | 7.29 % | |
| R2 | 403.02 | 4.95 % | ||
| R1 | 397.48 | 3.51 % | ||
| Current price: | 384.00 | |||
| Support | S1 | 379.52 | -1.17 % | |
| S2 | 373.98 | -2.61 % | ||
| S3 | 365.00 | -4.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 387.50 | 0.91 % | ||
| Current price | 384.00 | |||
| Support | S1 | 363.50 | -5.34% | |
| S2 | 362.50 | -5.60% | ||
| S3 | 347.00 | -9.64% |
CHG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Mar 21, 2024 | £0 | 0% |
| 2 | Dec 13, 2022 | Mar 23, 2023 | Apr 14, 2023 | £3.80 | 1.31% |
| 3 | Jun 08, 2022 | Aug 18, 2022 | Sep 09, 2022 | £1.90 | 0.634% |
| 4 | Dec 14, 2021 | Mar 10, 2022 | Mar 31, 2022 | £3.20 | 0.98% |
| 5 | Jun 03, 2021 | Aug 19, 2021 | Sep 10, 2021 | £1.60 | 0.497% |
FAQ
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