McKesson Corporation Stock Forecast

McKesson Corporation stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 17, 2024)

MCK Signals & Forecast

Mostly positive signals in the chart today. 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 $556.15 and $537.06. 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 8.81%. 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 McKesson Corporation stock

McKesson Corporation finds support from accumulated volume at $543.61 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 $6.94 (1.24%) between high and low. For the last week, the stock has had daily average volatility of 1.31%.

Our recommended stop-loss: $534.13 (-5.38%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (MCK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect McKesson Corporation to open at $562.44, and during the day (based on 14 day Average True Range), to move between $554.97 and $574.07, which gives a possible trading interval of +/-$9.55 (+/-1.69%) up or down from last closing price. If McKesson Corporation takes out the full calculated possible swing range there will be an estimated 3.38% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $543.61, some $20.91 (3.70%) from the current price of $564.52, our system finds the risk reward attractive.

Is McKesson Corporation stock A Buy?

McKesson Corporation holds several positive signals and has broken the weak rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.097 Strong Buy Candidate Upgraded

Predicted Opening Price for McKesson Corporation of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.