Drax Group Forecast and Stock Analysis
Technical DRX.L stock analysis for February 15, 2019.
Drax Group fell by -5.96% in the last day from £396.00 to £372.40 and has now fallen 4 days in a row. The price has fallen in 5 of the last 10 days and is down by -7.68% for this period. Volume has increased in the last day by 0.86 million shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 2.70 million shares bought and sold for approximately £1 005.66 million.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the DRX.L stock was £372.40. This is 5.96% less than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 6.83% from a day low at £363.20 to a day high of £388.00.
30 day high of the DRX.L stock price was £415.00 and low was £363.20.
90 day high was £415.00 and low was £345.00.
52 week high for the Drax Group - £432.40 and low - £226.00.
Drax Group lies in the lower part of a wide and weak rising trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at £366.58 will firstly indicate a slower raising rate, but may also be a early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 8.49% during the next 3 months and, with 90% probability hold a price between £397.71 and £463.53 at the end of this period.
There are few to none technical positive signals at the moment. Drax Group holds sales signals from both short- and long-term moving averages. On corrections up there will be some resistance from the lines at £394.86 and £392.86. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Wednesday February 06, 2019, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Relative Strength Index (RSI)
The stock currently holds a RSI14 at 29 and is oversold on RSI14. The stock being oversold is no guarantee for instant reaction up as some stocks may be oversold for a long time. It is important to review the previous RSI-history to get an indication of the RSI-sensitiveness.
Support & Resistance
Drax Group finds support from accumulated volume at £366.00.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved £24.80 (6.83%) between high and low. For the last week, the stock has had a daily average volatility of 2.67%.
Drax Group is oversold on RSI14 (29). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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Evaluation: Sell Candidate
The Drax Group stock holds several negative signals and despite the positive trend we believe Drax Group will perform weak in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Sell Candidate.