Penske Automotive Group Inc Stock Forecast

Stronger technical forecast for Penske Automotive Group Inc stock price after Friday trading.
(Updated on Mar 31, 2023)
The Penske Automotive Group Inc stock price gained 1.74% on the last trading day (Friday, 31st Mar 2023), rising from $139.39 to $141.81. 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 1.22% from a day low at $140.20 to a day high of $141.91. The price has risen in 8 of the last 10 days and is up by 9.01% 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, 19 thousand more shares were traded than the day before. In total, 202 thousand shares were bought and sold for approximately $28.69 million.
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The stock lies in the middle of a wide and strong 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 18.1% during the next 3 months and, with a 90% probability hold a price between $158.59 and $197.02 at the end of this 3-month period.
PAG Signals & Forecast
The Penske Automotive Group Inc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $135.96 and $140.71. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, February 17, 2023, and so far it has fallen -8.31%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Monday, January 23, 2023 in the short-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
The stock had a Golden Star Signal on Monday, January 23, 2023 in the short-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.
Support, Risk & Stop-loss for Penske Automotive Group Inc stock
Penske Automotive Group Inc finds support from accumulated volume at $138.46 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 $1.71 between high and low, or 1.22%. For the last week, the stock has had daily average volatility of 1.62%.
Since the Penske Automotive Group Inc 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: $134.21 (-5.36%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (PAG) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Penske Automotive Group Inc to open at $141.31, and during the day (based on 14 day Average True Range), to move between $137.71 and $145.91, which gives a possible trading interval of +/-$4.10 (+/-2.89%) 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 5.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $141.85 (0.03%) than the support at $138.46 (2.36%), 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?
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 Penske Automotive Group Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.572 Open Broker Account
Buy Candidate UpgradedPredicted Opening Price for Penske Automotive Group Inc of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Fair opening price April 3, 2023 | Current price |
---|---|
$141.31 | $141.81 (Overvalued) |
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Trading levels for PAG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 143.02 | 0.85 % | |
R2 | 142.36 | 0.390 % | ||
R1 | 141.96 | 0.106 % | ||
Current price: | 141.81 | |||
Support | S1 | 140.65 | -0.82 % | |
S2 | 140.25 | -1.10 % | ||
S3 | 139.60 | -1.56 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 154.67 | 9.07 % | |
R2 | 145.52 | 2.62 % | ||
R1 | 141.85 | 0.0282 % | ||
Current price | 141.81 | |||
Support | S1 | 138.46 | -2.36% | |
S2 | 136.44 | -3.79% | ||
S3 | 130.09 | -8.26% |
FAQ
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About Penske Automotive Group Inc
Penske Automotive Group, Inc., a diversified transportation services company, operates automotive and commercial truck dealerships. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors. The company engages in the sale of new and used motor vehicles, and related products... PAG Profile
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