Penske Automotive Group Inc Stock Forecast
Green day on Friday for Penske Automotive Group Inc stock after gaining 0.312%
(Updated on Apr 19, 2024)
The Penske Automotive Group Inc stock price gained 0.312% on the last trading day (Friday, 19th Apr 2024), rising from $147.48 to $147.94. During the last trading day the stock fluctuated 2.21% from a day low at $146.32 to a day high of $149.56. The price has fallen in 6 of the last 10 days and is down by -3.54% for this period. Volume fell on the last day by -40 thousand shares and in total, 142 thousand shares were bought and sold for approximately $20.99 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $146.61 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Penske Automotive Group Inc stock with a 90% probability to be traded between $148.57 and $164.83 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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PAG Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.312%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Penske Automotive Group Inc 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 $149.25 and $153.90. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Penske Automotive Group Inc stock
Penske Automotive Group Inc finds support from accumulated volume at $147.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.24 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 2.26%.
Penske Automotive Group Inc is oversold on RSI14 (20). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $139.09 (-5.98%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 20 which reduces the risk some. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (PAG) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Penske Automotive Group Inc to open at $147.94, and during the day (based on 14 day Average True Range), to move between $144.82 and $151.06, which gives a possible trading interval of +/-$3.12 (+/-2.11%) up or down from last closing price. If Penske Automotive Group Inc takes out the full calculated possible swing range there will be an estimated 4.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $148.25 (0.21%) than the support at $147.48 (0.31%), 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 Penske Automotive Group Inc stock A Buy?
Penske Automotive Group Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.671 Hold/Accumulate Unchanged
Predicted Opening Price for Penske Automotive Group Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $147.94 ( 0%) | $147.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 151.18 | 2.19 % | |
| R2 | 149.94 | 1.35 % | ||
| R1 | 149.18 | 0.84 % | ||
| Current price: | 147.94 | |||
| Support | S1 | 146.70 | -0.84 % | |
| S2 | 145.94 | -1.35 % | ||
| S3 | 144.70 | -2.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 149.39 | 0.98 % | |
| R2 | 148.37 | 0.291 % | ||
| R1 | 148.25 | 0.210 % | ||
| Current price | 147.94 | |||
| Support | S1 | 147.48 | -0.311% | |
| S2 | 146.57 | -0.93% | ||
| S3 | 145.16 | -1.88% |
PAG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 17, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.87 | 0.563% |
| 2 | Oct 18, 2023 | Nov 09, 2023 | Dec 01, 2023 | $0.790 | 0.512% |
| 3 | Jul 19, 2023 | Aug 09, 2023 | Sep 01, 2023 | $0.720 | 0.433% |
| 4 | May 11, 2023 | May 19, 2023 | Jun 01, 2023 | $0.660 | 0.477% |
| 5 | Jan 25, 2023 | Feb 09, 2023 | Mar 01, 2023 | $0.610 | 0.422% |
FAQ
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