Eaton Corporation PLC Stock Forecast
Eaton Corporation PLC stock price ended at $313.28 on Tuesday, after gaining 0.291%.
(Updated on Jul 02, 2024)
The Eaton Corporation PLC stock price gained 0.291% on the last trading day (Tuesday, 2nd Jul 2024), rising from $312.37 to $313.28. During the last trading day the stock fluctuated 1.39% from a day low at $309.45 to a day high of $313.75. The price has fallen in 6 of the last 10 days and is down by -3.7% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 166 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $605.62 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $306.78 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Eaton Corporation PLC stock with a 90% probability to be traded between $311.00 and $347.49 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ETN Signals & Forecast
There are mixed signals in the stock today. The Eaton Corporation PLC stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $316.18 and $325.77. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 0.291%. 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.
Support, Risk & Stop-loss for Eaton Corporation PLC stock
Eaton Corporation PLC finds support from accumulated volume at $312.84 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 $4.30 between high and low, or 1.39%. For the last week the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: $294.20 (-6.09%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (ETN) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Eaton Corporation PLC to open at $312.16, and during the day (based on 14 day Average True Range), to move between $305.25 and $321.31, which gives a possible trading interval of +/-$8.03 (+/-2.56%) up or down from last closing price. If Eaton Corporation PLC takes out the full calculated possible swing range there will be an estimated 5.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $312.84 (0.14%) than the resistance at $315.27 (0.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eaton Corporation PLC stock A Buy?
Eaton Corporation 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.
Current score: 0.961 Hold/Accumulate Unchanged
Predicted Opening Price for Eaton Corporation PLC of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $312.16 ( 0.358%) | $313.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 316.46 | 1.02% |
| R2 | 314.82 | 0.491% |
| R1 | 313.80 | 0.167% |
| Price | 313.28 | |
| S1 | 310.52 | -0.88% |
| S2 | 309.50 | -1.21% |
| S3 | 307.86 | -1.73% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 332.85 | 6.25% |
| R2 | 318.26 | 1.59% |
| R1 | 315.27 | 0.635% |
| Price | 313.28 | |
| S1 | 312.84 | -0.140% |
| S2 | 311.92 | -0.434% |
| S3 | 303.02 | -3.28% |
ETN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 23, 2024 | May 03, 2024 | May 24, 2024 | $0.94 | 0.276% |
| 2 | Feb 29, 2024 | Mar 08, 2024 | Mar 29, 2024 | $0.94 | 0.301% |
| 3 | Oct 24, 2023 | Nov 03, 2023 | Nov 24, 2023 | $0.86 | 0.376% |
| 4 | Jul 26, 2023 | Aug 04, 2023 | Aug 25, 2023 | $0.86 | 0.384% |
| 5 | Apr 25, 2023 | May 05, 2023 | Aug 25, 2023 | $0.86 | 0.384% |
FAQ
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