RSI low/high Values: [ 20 - 80 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of DRX.L
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Stronger technical forecast for Drax Group stock price after Wednesday trading.
(Updated on Mar 27, 2024)

Buy candidate since Mar 27, 2024 PDF

The Drax Group stock price gained 1.11% on the last trading day (Wednesday, 27th Mar 2024), rising from £497.30 to £502.80. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.16% from a day low at £489.90 to a day high of £505.40. The price has risen in 8 of the last 10 days and is up by 6.64% over the past 2 weeks. Volume fell on the last day by -946 thousand shares and in total, 590 thousand shares were bought and sold for approximately £296.87 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 stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is £501.37, a level that may pose a second chance to hit a runner. According to fan-theory £599.05 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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DRX.L Signals & Forecast

The Drax Group stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £485.17 and £459.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 14, 2024, and so far it has risen 8.50%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Drax Group stock

Drax Group finds support from accumulated volume at £500.00 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 £15.50 between high and low, or 3.16%. For the last week, the stock has had daily average volatility of 3.61%.

Our recommended stop-loss: £484.65 (-3.61%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (DRX.L) For The Upcoming Trading Day Of Thursday 28th

For the upcoming trading day on Thursday, 28th we expect Drax Group to open at £499.37, and during the day (based on 14 day Average True Range), to move between £485.29 and £520.31, which gives a possible trading interval of +/-£17.51 (+/-3.48%) up or down from last closing price. If Drax Group takes out the full calculated possible swing range there will be an estimated 6.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £500.00 (0.56%) than the resistance at £521.80 (3.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Drax Group stock A Buy?

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.884 Buy Candidate Upgraded

Predicted Opening Price for Drax Group of Thursday, March 28, 2024

Fair opening price March 28, 2024 Current price
£499.37 ( 0.683%) £502.80

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

Trading levels for DRX.L

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 514.87 2.40 %
R2 508.95 1.22 %
R1 505.29 0.495 %
Current price: 502.80
Support S1 493.45 -1.86 %
S2 489.79 -2.59 %
S3 483.87 -3.77 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 534.40 6.28 %
R2 527.20 4.85 %
R1 521.80 3.78 %
Current price 502.80
Support S1 500.00 -0.557%
S2 465.70 -7.38%
S3 464.40 -7.64%

DRX Dividend Payout History


# Declaration Date Ex-Date Pay Date Amount Yield
1 Apr 18, 2024 Apr 18, 2024 May 17, 2024 £13.90 2.76%
2 Feb 23, 2023 Apr 20, 2023 May 19, 2023 £12.60 2.02%
3 Jul 26, 2022 Aug 25, 2022 Oct 07, 2022 £8.40 1.50%
4 Feb 24, 2022 Apr 28, 2022 May 13, 2022 £11.30 1.51%
5 Jul 29, 2021 Aug 26, 2021 Oct 08, 2021 £7.50 1.47%

FAQ

What is the symbol for Drax Group Stock and on which exchange is it traded?
The symbol for Drax Group is DRX.L and it is traded on the XLON (London Stock Exchange).

Should I buy or sell Drax Group Stock?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

How to buy Drax Group Stock?
Drax Group Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Drax Group Stock.

What's the current price of Drax Group Stock?
As of the end of day on the 2024-03-27, the price of an Drax Group (DRX.L) share was £502.80.

What is the 52-week high and low for Drax Group Stock?
The 52-week high for Drax Group Stock is £655.60 and the 52-week low is £395.20.

What is the market capitalization of Drax Group Stock?
As of the 2024-03-27, the market capitalization of Drax Group is 1.93B.

When is the next earnings date for Drax Group?
The upcoming earnings date for Drax Group is Jul 26, 2024.
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About Drax Group

Drax Group Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. The company operates through three segments: Generation, Customers, and Pellet Production. The Generation segment provides renewable, dispatchable power, and system support services to the electricity grid. The Customers segment offers non-generation system support and energy management services. The Pellet Production segment provides low ... DRX.L Profile

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