Parker-Hannifin Corporation Stock Forecast
Parker-Hannifin Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 03, 2024)
The Parker-Hannifin Corporation stock price gained 1.04% on the last trading day (Friday, 3rd May 2024), rising from $530.68 to $536.18. During the last trading day the stock fluctuated 2.78% from a day low at $532.54 to a day high of $547.35. The price has risen in 6 of the last 10 days and is up by 0.29% over the past 2 weeks. Volume fell on the last day by -840 thousand shares and in total, 837 thousand shares were bought and sold for approximately $449.01 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 lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $531.24 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.45% during the next 3 months and, with a 90% probability hold a price between $565.51 and $615.25 at the end of this 3-month period.
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PH Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 1.04%. 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 Parker-Hannifin Corporation 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 $544.60 and $548.67. 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 Parker-Hannifin Corporation stock
Parker-Hannifin Corporation finds support from accumulated volume at $531.23 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 $14.81 between high and low, or 2.78%. For the last week the stock has had daily average volatility of 2.44%.
Our recommended stop-loss: $508.27 (-5.21%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (PH) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Parker-Hannifin Corporation to open at $538.69, and during the day (based on 14 day Average True Range), to move between $523.56 and $548.80, which gives a possible trading interval of +/-$12.62 (+/-2.35%) up or down from last closing price. If Parker-Hannifin Corporation takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $536.25 (0.01%) than the support at $531.23 (0.92%), 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?
Parker-Hannifin Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.632 Hold/Accumulate Upgraded
Predicted Opening Price for Parker-Hannifin Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $538.69 ( 0.468%) | $536.18 |
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 | 553.49 | 3.23 % | |
| R2 | 547.84 | 2.17 % | ||
| R1 | 544.34 | 1.52 % | ||
| Current price: | 536.18 | |||
| Support | S1 | 533.03 | -0.587 % | |
| S2 | 529.54 | -1.24 % | ||
| S3 | 523.88 | -2.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 555.79 | 3.66 % | |
| R2 | 542.96 | 1.26 % | ||
| R1 | 536.25 | 0.0131 % | ||
| Current price | 536.18 | |||
| Support | S1 | 531.23 | -0.92% | |
| S2 | 530.68 | -1.03% | ||
| S3 | 508.87 | -5.09% |
PH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | May 09, 2024 | Jun 07, 2024 | $1.63 | 0.304% |
| 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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