Warner Music Group Corp. Stock Forecast
Green day on Friday for Warner Music Group Corp.
(Updated on May 17, 2024)
The Warner Music Group Corp. stock price gained 0.470% on the last trading day (Friday, 17th May 2024), rising from $31.89 to $32.04. During the last trading day the stock fluctuated 1.53% from a day low at $31.75 to a day high of $32.24. The price has been going up and down for this period, and there has been a -6.15% loss for the last 2 weeks. Volume fell on the last day by -723 thousand shares and in total, 1 million shares were bought and sold for approximately $36.96 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 wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -5.03% during the next 3 months and, with a 90% probability hold a price between $29.40 and $33.65 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
WMG Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 1.23%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Warner Music Group Corp. 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 $32.17 and $33.31. A break-up above any of these levels will issue buy signals.
A buy signal from a double bottom formation was found on Friday, May 10, 2024 and based on theory for this formation the price should go up by 7.55% to $34.46 within 11 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for Warner Music Group Corp. stock
Warner Music Group Corp. finds support from accumulated volume at $31.97 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 $0.485 between high and low, or 1.53%. For the last week, the stock has had daily average volatility of 2.45%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WMG) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Warner Music Group Corp. to open at $32.01, and during the day (based on 14 day Average True Range), to move between $31.00 and $33.08, which gives a possible trading interval of +/-$1.04 (+/-3.23%) up or down from last closing price. If Warner Music Group Corp. takes out the full calculated possible swing range there will be an estimated 6.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $31.97 (0.22%) than the resistance at $32.57 (1.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Warner Music Group Corp. stock A Buy?
Warner Music Group Corp. holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.289 Sell Candidate Unchanged
Predicted Opening Price for Warner Music Group Corp. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $32.01 ( 0.0988%) | $32.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WMG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.49 | 1.41 % | |
| R2 | 32.31 | 0.84 % | ||
| R1 | 32.19 | 0.479 % | ||
| Current price: | 32.04 | |||
| Support | S1 | 31.82 | -0.677 % | |
| S2 | 31.71 | -1.03 % | ||
| S3 | 31.52 | -1.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.10 | 9.55 % | |
| R2 | 34.60 | 7.99 % | ||
| R1 | 32.57 | 1.65 % | ||
| Current price | 32.04 | |||
| Support | S1 | 31.97 | -0.218% | |
| S2 | 31.89 | -0.468% | ||
| S3 | 31.65 | -1.22% |
WMG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 22, 2024 | May 22, 2024 | Jun 03, 2024 | $0.170 | 0.531% |
| 2 | Feb 21, 2024 | Feb 21, 2024 | Mar 01, 2024 | $0.170 | 0.479% |
| 3 | Nov 09, 2023 | Nov 20, 2023 | Dec 01, 2023 | $0.170 | 0.491% |
| 4 | Aug 14, 2023 | Aug 23, 2023 | Sep 01, 2023 | $0.170 | 0.505% |
| 5 | Aug 06, 2023 | May 22, 2023 | Jun 01, 2023 | $0.160 | 0.656% |
FAQ
Click here for our free guide on how to buy Warner Music Group Corp. Stock.
