Parker-Hannifin Corporation Stock Forecast
Parker-Hannifin Corporation stock price up 0.86% on Wednesday
(Updated on May 08, 2024)
The Parker-Hannifin Corporation stock price gained 0.86% on the last trading day (Wednesday, 8th May 2024), rising from $550.18 to $554.91. During the last trading day the stock fluctuated 1.69% from a day low at $548.20 to a day high of $557.45. The price has risen in 6 of the last 10 days and is up by 1.57% over the past 2 weeks. Volume fell on the last day by -190 thousand shares and in total, 241 thousand shares were bought and sold for approximately $133.92 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 lies in the middle of a weak 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 5.26% during the next 3 months and, with a 90% probability hold a price between $560.60 and $607.95 at the end of this 3-month period.
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PH Signals & Forecast
Mostly positive signals in the chart today. The Parker-Hannifin Corporation 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 $544.37 and $549.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 4.57%. 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 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.
Support, Risk & Stop-loss for Parker-Hannifin Corporation stock
Parker-Hannifin Corporation finds support from accumulated volume at $536.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $9.25 between high and low, or 1.69%. For the last week the stock has had daily average volatility of 2.30%.
Our recommended stop-loss: $533.61 (-3.84%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (PH) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Parker-Hannifin Corporation to open at $553.52, and during the day (based on 14 day Average True Range), to move between $542.55 and $567.27, which gives a possible trading interval of +/-$12.36 (+/-2.23%) up or down from last closing price. If Parker-Hannifin Corporation takes out the full calculated possible swing range there will be an estimated 4.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $555.37 (0.08%) than the support at $536.18 (3.38%), 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 Parker-Hannifin Corporation 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 Parker-Hannifin Corporation stock to perform well in the short-term.
Current score: 2.566 Buy Candidate Unchanged
Predicted Opening Price for Parker-Hannifin Corporation of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $553.52 ( 0.250%) | $554.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 562.77 | 1.42 % | |
| R2 | 559.24 | 0.780 % | ||
| R1 | 557.05 | 0.386 % | ||
| Current price: | 554.91 | |||
| Support | S1 | 549.99 | -0.89 % | |
| S2 | 547.80 | -1.28 % | ||
| S3 | 544.27 | -1.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 555.79 | 0.159 % | |
| R2 | 555.65 | 0.133 % | ||
| R1 | 555.37 | 0.0829 % | ||
| Current price | 554.91 | |||
| Support | S1 | 536.18 | -3.38% | |
| S2 | 531.23 | -4.27% | ||
| S3 | 530.68 | -4.37% |
PH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 09, 2024 | Jun 07, 2024 | $1.63 | 0.294% |
| 2 | Jan 25, 2024 | Feb 09, 2024 | Mar 01, 2024 | $1.48 | 0.275% |
| 3 | Jan 25, 2024 | Feb 08, 2024 | Mar 01, 2024 | $1.48 | 0.275% |
| 4 | Oct 25, 2023 | Nov 10, 2023 | Dec 01, 2023 | $1.48 | 0.336% |
| 5 | Aug 17, 2023 | Aug 25, 2023 | Sep 08, 2023 | $1.48 | 0.362% |
FAQ
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