Drax Group Stock Forecast
Green day on Thursday for Drax Group
(Updated on Apr 25, 2024)
The Drax Group stock price gained 2.24% on the last trading day (Thursday, 25th Apr 2024), rising from £513.50 to £525.00. It has now gained 5 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 2.83% from a day low at £513.00 to a day high of £527.50. The price has risen in 6 of the last 10 days and is up by 5.59% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately £1.47 billion. 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 weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.20% during the next 3 months and, with a 90% probability hold a price between £489.25 and £604.49 at the end of this 3-month period.
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DRX.L Signals & Forecast
Mostly positive signals in the chart today. 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 £500.10 and £490.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 25.84%. 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.
Support, Risk & Stop-loss for Drax Group stock
Drax Group finds support from accumulated volume at £513.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £14.50 (2.83%) between high and low. For the last week, the stock has had daily average volatility of 2.48%.
Our recommended stop-loss: £508.73 (-3.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 41 days ago.)
Trading Expectations (DRX.L) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Drax Group to open at £521.83, and during the day (based on 14 day Average True Range), to move between £510.32 and £539.68, which gives a possible trading interval of +/-£14.68 (+/-2.80%) up or down from last closing price. If Drax Group takes out the full calculated possible swing range there will be an estimated 5.59% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ £513.50, some £11.50 (2.19%) from the current price of £525.00, our system finds the risk reward attractive.
Is Drax Group stock A Buy?
Drax Group holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 7.490 Strong Buy Candidate Unchanged
Predicted Opening Price for Drax Group of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| £521.83 ( 0.603%) | £525.00 |
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 | 536.33 | 2.16 % | |
| R2 | 530.79 | 1.10 % | ||
| R1 | 527.37 | 0.452 % | ||
| Current price: | 525.00 | |||
| Support | S1 | 516.29 | -1.66 % | |
| S2 | 512.87 | -2.31 % | ||
| S3 | 507.33 | -3.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 525.00 | |||
| Support | S1 | 513.50 | -2.19% | |
| S2 | 500.00 | -4.76% | ||
| S3 | 465.70 | -11.30% |
DRX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 18, 2024 | Apr 18, 2024 | May 17, 2024 | £13.90 | 2.65% |
| 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
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