Insurance Australia Group Limited Stock Forecast
Insurance Australia Group Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 31, 2024)
The Insurance Australia Group Limited stock price gained 0.486% on the last trading day (Friday, 31st May 2024), rising from $6.17 to $6.20. During the last trading day the stock fluctuated 2.11% from a day low at $6.16 to a day high of $6.29. The price has been going up and down for this period, and there has been a -2.36% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $71.90 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $6.17 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Insurance Australia Group Limited stock with a 90% probability to be traded between $6.26 and $6.67 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
IAG.AX Signals & Forecast
There are mixed signals in the stock today. The Insurance Australia Group Limited 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 $6.33 and $6.37. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 0.486%. 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 Friday, January 05, 2024 in the long-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.
Golden Star 12 Months
The stock had a Golden Star Signal on Friday, January 05, 2024 in the long-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.
A buy signal from a double bottom formation was found on Thursday, May 30, 2024 and based on theory for this formation the price should go up by 3.23% to $6.40 within 12 trading days since signal was issued (Monday, June 03, 2024).
Support, Risk & Stop-loss for Insurance Australia Group Limited stock
Insurance Australia Group Limited finds support from accumulated volume at $6.18 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 $0.130 between high and low, or 2.11%. For the last week the stock has had daily average volatility of 1.65%.
Our recommended stop-loss: $5.83 (-5.97%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (IAG.AX) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Insurance Australia Group Limited to open at $6.22, and during the day (based on 14 day Average True Range), to move between $6.09 and $6.31, which gives a possible trading interval of +/-$0.109 (+/-1.76%) up or down from last closing price. If Insurance Australia Group Limited takes out the full calculated possible swing range there will be an estimated 3.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.21 (0.16%) than the support at $6.18 (0.32%), 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 Insurance Australia Group Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Insurance Australia Group Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.702 Buy Candidate Upgraded
Predicted Opening Price for Insurance Australia Group Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $6.22 ( 0.269%) | $6.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IAG.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.35 | 2.37 % | |
| R2 | 6.30 | 1.56 % | ||
| R1 | 6.27 | 1.07 % | ||
| Current price: | 6.20 | |||
| Support | S1 | 6.17 | -0.532 % | |
| S2 | 6.14 | -1.03 % | ||
| S3 | 6.09 | -1.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.45 | 4.03 % | |
| R2 | 6.40 | 3.23 % | ||
| R1 | 6.21 | 0.161 % | ||
| Current price | 6.20 | |||
| Support | S1 | 6.18 | -0.323% | |
| S2 | 6.17 | -0.484% | ||
| S3 | 6.14 | -0.97% |
IAG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Feb 21, 2024 | Mar 27, 2024 | $0.100 | 1.55% |
| 2 | Feb 16, 2023 | Feb 16, 2023 | Feb 16, 2023 | $0.0600 | 1.26% |
| 3 | Aug 18, 2022 | Aug 18, 2022 | Aug 18, 2022 | $0.0500 | 1.09% |
| 4 | Feb 16, 2022 | Feb 16, 2022 | Feb 16, 2022 | $0.0600 | 1.28% |
| 5 | Aug 17, 2021 | Aug 17, 2021 | Aug 17, 2021 | $0.130 | 2.45% |
FAQ
Click here for our free guide on how to buy Insurance Australia Group Limited Stock.
