Legal & General Group plc Forecast and Stock Analysis
Technical LGEN.L stock analysis for February 15, 2019.
Legal & General Group plc gained 0.79% in the last trading day, rising from £264.30 to £266.40 The price has risen in 7 of the last 10 days and is up by 1.95% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.12 million more shares were traded than the day before. In total, 11.98 million shares bought and sold for approximately £3 191.08 million.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the LGEN.L stock was £266.40. This is 0.79% more than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 2.44% from a day low at £262.40 to a day high of £268.80.
30 day high of the LGEN.L stock price was £268.80 and low was £245.30.
90 day high was £268.80 and low was £221.80.
52 week high for the Legal & General Group plc - £287.60 and low - £221.80.
Legal & General Group plc lies in the middle of a wide and strong 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 13% during the next 3 months and, with 90% probability hold a price between £272.60 and £310.14 at the end of this period.
Legal & General Group plc holds buy signals from both short- and long-term moving averages. In addition, 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 £264.19 and £252.40. A break down below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Wednesday February 13, 2019, which indicates further falls until a new bottom pivot has been found.
Relative Strength Index (RSI)
RSI14 is 67 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £246.20 and £240.50.
There is 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, Legal & General Group plc finds support just below today's level at £246.20. If this is broken, then the next support from accumulated volume will be at £240.50 and £230.30.
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 £6.40 (2.44%) between high and low. For the last week, the stock has had a daily average volatility of 1.74%.
Our recommended stoploss: £256.11 (-3.86%) (This stock has low daily movements and this gives low risk. There is a sell signal from pivot top found 2 days ago.)
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Evaluation: Buy Candidate
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.