Pick n Pay Stores Limited Stock Forecast

Stronger technical forecast for Pick n Pay Stores Limited stock price after Friday trading.
(Updated on May 17, 2024)

PIK.JO Signals & Forecast

The Pick n Pay Stores Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $2,010.71. On a fall, the stock will find some support from the long-term average at approximately $1,959.54. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 19.10%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Pick n Pay Stores Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $1,870.00 and $1,700.00. 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, Pick n Pay Stores Limited finds support just below today's level at $1,870.00. If this is broken, then the next support from accumulated volume will be at $1,700.00 and $1,675.00.

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 $40.00 between high and low, or 2.02%. For the last week, the stock has had daily average volatility of 4.32%.

Our recommended stop-loss: $1,916.80 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 41 days ago.)

Trading Expectations (PIK.JO) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Pick n Pay Stores Limited to open at $1,999.67, and during the day (based on 14 day Average True Range), to move between $1,908.65 and $2,081.35, which gives a possible trading interval of +/-$86.35 (+/-4.33%) up or down from last closing price. If Pick n Pay Stores Limited takes out the full calculated possible swing range there will be an estimated 8.66% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2,061.00 (3.31%) than the support at $1,870.00 (6.27%), 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 Pick n Pay Stores Limited stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.860 Buy Candidate Upgraded

Predicted Opening Price for Pick n Pay Stores Limited of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.