Petra Diamonds Stock Forecast
Petra Diamonds stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The Petra Diamonds stock price gained 3.00% on the last trading day (Friday, 3rd May 2024), rising from £46.60 to £48.00. During the last trading day the stock fluctuated 4.12% from a day low at £46.10 to a day high of £48.00. The price has risen in 6 of the last 10 days and is up by 15.11% over the past 2 weeks. Volume fell on the last day by -115 thousand shares and in total, 8 thousand shares were bought and sold for approximately £397.49 thousand. 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 stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at £48.73 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Petra Diamonds stock with a 90% probability to be traded between £38.00 and £49.37 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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PDL.L Signals & Forecast
The Petra Diamonds 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 £46.04 and £42.13. 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). 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 Tuesday, April 30, 2024, and so far it has fallen -1.44%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Petra Diamonds stock
On the downside, the stock finds support just below today's level from accumulated volume at £41.00 and £40.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Petra Diamonds finds support just below today's level at £41.00. If this is broken, then the next support from accumulated volume will be at £40.00 and £38.35.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved £1.90 between high and low, or 4.12%. For the last week the stock has had daily average volatility of 6.38%.
Our recommended stop-loss: £46.26 (-3.63%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (PDL.L) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Petra Diamonds to open at £47.37, and during the day (based on 14 day Average True Range), to move between £45.41 and £50.59, which gives a possible trading interval of +/-£2.59 (+/-5.39%) up or down from last closing price. If Petra Diamonds takes out the full calculated possible swing range there will be an estimated 10.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £48.60 (1.25%) than the support at £41.00 (14.58%), 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 Petra Diamonds stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Petra Diamonds stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.142 Buy Candidate Upgraded
Predicted Opening Price for Petra Diamonds of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| £47.37 ( 1.32%) | £48.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PDL.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.27 | 2.64 % | |
| R2 | 48.54 | 1.13 % | ||
| R1 | 48.09 | 0.193 % | ||
| Current price: | 48.00 | |||
| Support | S1 | 46.64 | -2.83 % | |
| S2 | 46.19 | -3.77 % | ||
| S3 | 45.47 | -5.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 48.70 | 1.46 % | |
| R2 | 48.65 | 1.35 % | ||
| R1 | 48.60 | 1.25 % | ||
| Current price | 48.00 | |||
| Support | S1 | 41.00 | -14.58% | |
| S2 | 40.00 | -16.67% | ||
| S3 | 38.35 | -20.10% |
PDL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 18, 2015 | Oct 15, 2015 | Dec 07, 2015 | £123.49 | 4.63% |
FAQ
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