McKesson Corporation Stock Forecast
McKesson Corporation stock upgraded to Buy Candidate.
(Updated on Apr 26, 2024)
The McKesson Corporation stock price gained 0.622% on the last trading day (Friday, 26th Apr 2024), rising from $539.94 to $543.30. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.89% from a day low at $534.68 to a day high of $544.81. The price has risen in 7 of the last 10 days and is up by 3.88% 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, 49 thousand more shares were traded than the day before. In total, 485 thousand shares were bought and sold for approximately $263.77 million.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.33% during the next 3 months and, with a 90% probability hold a price between $560.72 and $590.71 at the end of this 3-month period.
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MCK Signals & Forecast
The McKesson Corporation 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 $531.66 and $531.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 4.72%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for McKesson Corporation stock
McKesson Corporation finds support from accumulated volume at $534.18 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 $10.13 between high and low, or 1.89%. For the last week the stock has had daily average volatility of 1.74%.
Since the McKesson Corporation has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $518.97 (-4.48%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (MCK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect McKesson Corporation to open at $540.93, and during the day (based on 14 day Average True Range), to move between $534.53 and $552.07, which gives a possible trading interval of +/-$8.77 (+/-1.61%) up or down from last closing price. If McKesson Corporation takes out the full calculated possible swing range there will be an estimated 3.23% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $534.18, some $9.12 (1.68%) from the current price of $543.30, our system finds the risk reward attractive.
Is McKesson Corporation 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 McKesson Corporation 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: 4.061 Buy Candidate Upgraded
Predicted Opening Price for McKesson Corporation of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$540.93 ( 0.436%) | $543.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MCK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 551.06 | 1.43 % | |
R2 | 547.19 | 0.716 % | ||
R1 | 544.80 | 0.276 % | ||
Current price: | 543.30 | |||
Support | S1 | 537.06 | -1.15 % | |
S2 | 534.67 | -1.59 % | ||
S3 | 530.80 | -2.30 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 543.30 | |||
Support | S1 | 534.18 | -1.68% | |
S2 | 516.98 | -4.84% | ||
S3 | 494.23 | -9.03% |
MCK Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 24, 2024 | Jun 03, 2024 | Jul 01, 2024 | $0.620 | 0.114% |
2 | Feb 01, 2024 | Mar 01, 2024 | Apr 01, 2024 | $0.620 | 0.116% |
3 | Feb 01, 2024 | Feb 29, 2024 | Apr 01, 2024 | $0.620 | 0.116% |
4 | Oct 26, 2023 | Nov 30, 2023 | Jan 02, 2024 | $0.620 | 0.131% |
5 | Jul 24, 2023 | Aug 31, 2023 | Oct 02, 2023 | $0.620 | 0.142% |
FAQ
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