Penske Automotive Group, Inc Stock Forecast
Stronger technical forecast for Penske Automotive Group, Inc stock price after Wednesday trading.
(Updated on Apr 17, 2024)
The Penske Automotive Group, Inc stock price gained 1.73% on the last trading day (Wednesday, 17th Apr 2024), rising from £666.50 to £678.00. During the last trading day the stock fluctuated 3.05% from a day low at £662.77 to a day high of £683.00. The price has risen in 5 of the last 10 days and is up by 0.07% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 219 thousand shares were bought and sold for approximately £148.32 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Penske Automotive Group, Inc stock with a 90% probability to be traded between £636.62 and £702.25 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PAG.L Signals & Forecast
The Penske Automotive Group, Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately £683.21. On a fall, the stock will find some support from the long-term average at approximately £673.06. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -3.21%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Penske Automotive Group, Inc stock
Penske Automotive Group, Inc finds support from accumulated volume at £671.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved £20.23 between high and low, or 3.05%. For the last week the stock has had daily average volatility of 3.31%.
Our recommended stop-loss: £644.62 (-4.92%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (PAG.L) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Penske Automotive Group, Inc to open at £674.59, and during the day (based on 14 day Average True Range), to move between £657.86 and £698.14, which gives a possible trading interval of +/-£20.14 (+/-2.97%) up or down from last closing price. If Penske Automotive Group, Inc takes out the full calculated possible swing range there will be an estimated 5.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £671.50 (0.96%) than the resistance at £693.00 (2.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Penske Automotive Group, Inc stock A Buy?
Penske Automotive Group, Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.733 Hold/Accumulate Upgraded
Predicted Opening Price for Penske Automotive Group, Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| £674.59 ( 0.503%) | £678.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAG.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 694.82 | 2.48 % | |
| R2 | 687.09 | 1.34 % | ||
| R1 | 682.32 | 0.637 % | ||
| Current price: | 678.00 | |||
| Support | S1 | 666.86 | -1.64 % | |
| S2 | 662.09 | -2.35 % | ||
| S3 | 654.36 | -3.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 705.00 | 3.98 % | |
| R2 | 704.00 | 3.83 % | ||
| R1 | 693.00 | 2.21 % | ||
| Current price | 678.00 | |||
| Support | S1 | 671.50 | -0.96% | |
| S2 | 644.00 | -5.01% | ||
| S3 | 637.00 | -6.05% |
PAG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 01, 2024 | Feb 01, 2024 | Feb 01, 2024 | £0 | 0% |
| 2 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | £11.00 | 2.16% |
| 3 | Dec 06, 2022 | Feb 02, 2023 | Mar 03, 2023 | £19.20 | 3.21% |
| 4 | Jun 14, 2022 | Jul 07, 2022 | Jul 29, 2022 | £9.40 | 1.76% |
| 5 | Dec 07, 2021 | Jan 27, 2022 | Mar 04, 2022 | £18.90 | 4.27% |
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