Penske Automotive Group Inc Stock Forecast

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.

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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.

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