Greggs plc Stock Forecast
Evaluation of Greggs plc stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Greggs plc stock price fell by -0.217% on the last day (Tuesday, 2nd Jul 2024) from £2,760.00 to £2,754.00. During the last trading day the stock fluctuated 3.73% from a day low at £2,678.00 to a day high of £2,778.00. The price has fallen in 7 of the last 10 days and is down by -3.64% for this period. Volume has increased on the last day by 9 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 118 thousand shares were bought and sold for approximately £325.55 million.
The stock has broken the weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at £2,754.29. A reaction back to this level may hold a second chance to get out before further falls.
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GRG.L Signals & Forecast
There are few to no technical positive signals at the moment. The Greggs 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 £2,782.29 and £2,841.09. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -6.33%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Greggs plc stock
Greggs plc finds support from accumulated volume at £2,732.00 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 £100.00 (3.73%) between high and low. For the last week, the stock has had daily average volatility of 2.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GRG.L) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Greggs plc to open at £2,736.67, and during the day (based on 14 day Average True Range), to move between £2,683.82 and £2,824.18, which gives a possible trading interval of +/-£70.18 (+/-2.55%) up or down from last closing price. If Greggs plc takes out the full calculated possible swing range there will be an estimated 5.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £2,766.00 (0.44%) than the support at £2,732.00 (0.80%), 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 Greggs plc stock A Buy?
The Greggs plc stock holds several negative signals and despite the positive trend, we believe Greggs plc will perform weakly in the next couple of days or weeks. Therefore, we 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: -3.277 Sell Candidate Downgraded
Predicted Opening Price for Greggs plc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| £2,736.67 ( 0.629%) | £2,754.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRG.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2,836.67 | 3.00% |
| R2 | 2,798.47 | 1.61% |
| R1 | 2,774.87 | 0.758% |
| Price | 2,754.00 | |
| S1 | 2,698.47 | -2.02% |
| S2 | 2,674.87 | -2.87% |
| S3 | 2,636.67 | -4.26% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2,940.00 | 6.75% |
| R2 | 2,888.00 | 4.87% |
| R1 | 2,766.00 | 0.436% |
| Price | 2,754.00 | |
| S1 | 2,732.00 | -0.799% |
| S2 | 2,700.00 | -1.96% |
| S3 | 2,688.00 | -2.40% |
GRG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | Apr 25, 2024 | May 24, 2024 | £86.00 | 2.99% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Oct 06, 2023 | £16.00 | 0.672% |
| 3 | Mar 07, 2023 | Apr 27, 2023 | May 26, 2023 | £44.00 | 1.65% |
| 4 | Aug 02, 2022 | Sep 08, 2022 | Oct 07, 2022 | £15.00 | 0.85% |
| 5 | Mar 08, 2022 | May 12, 2022 | Jun 08, 2022 | £42.00 | 1.95% |
FAQ
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