Weir Group plc Stock Forecast
Weir Group plc stock downgraded to Sell Candidate
(Updated on Apr 24, 2024)
The Weir Group plc stock price fell by -1.09% on the last day (Wednesday, 24th Apr 2024) from £2,012.00 to £1,990.00. During the last trading day the stock fluctuated 1.46% from a day low at £1,985.00 to a day high of £2,014.00. The price has fallen in 6 of the last 10 days and is down by -3.86% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -52 thousand shares and in total, 542 thousand shares were bought and sold for approximately £1.08 billion.
Given the current short-term trend, the stock is expected to rise 15.58% during the next 3 months and, with a 90% probability hold a price between £2,300.14 and £2,472.51 at the end of this 3-month period.
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WEIR.L Signals & Forecast
There are few to no technical positive signals at the moment. The Weir Group plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £1,998.29 and £1,998.14. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -4.05%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Weir Group plc stock
Weir Group plc finds support from accumulated volume at £1,980.00 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 £29.00 between high and low, or 1.46%. For the last week the stock has had daily average volatility of 2.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WEIR.L) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Weir Group plc to open at £1,996.33, and during the day (based on 14 day Average True Range), to move between £1,947.76 and £2,032.24, which gives a possible trading interval of +/-£42.24 (+/-2.12%) up or down from last closing price. If Weir Group plc takes out the full calculated possible swing range there will be an estimated 4.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £1,993.00 (0.15%) than the support at £1,980.00 (0.50%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Weir Group plc stock A Buy?
The Weir Group plc stock holds several negative signals and despite the positive trend, we believe Weir Group plc will perform weakly 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 analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.002 Sell Candidate Downgraded
Predicted Opening Price for Weir Group plc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| £1,996.33 ( 0.318%) | £1,990.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEIR.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,025.33 | 1.78 % | |
| R2 | 2,014.26 | 1.22 % | ||
| R1 | 2,007.41 | 0.87 % | ||
| Current price: | 1,990.00 | |||
| Support | S1 | 1,985.26 | -0.238 % | |
| S2 | 1,978.41 | -0.582 % | ||
| S3 | 1,967.33 | -1.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,030.00 | 2.01 % | |
| R2 | 2,010.00 | 1.01 % | ||
| R1 | 1,993.00 | 0.151 % | ||
| Current price | 1,990.00 | |||
| Support | S1 | 1,980.00 | -0.503% | |
| S2 | 1,876.50 | -5.70% | ||
| S3 | 1,817.00 | -8.69% |
WEIR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 18, 2024 | Apr 18, 2024 | May 31, 2024 | £20.80 | 1.05% |
| 2 | Mar 01, 2023 | Apr 20, 2023 | Jun 05, 2023 | £19.30 | 1.09% |
| 3 | Jul 28, 2022 | Oct 06, 2022 | Nov 04, 2022 | £13.50 | 0.80% |
| 4 | Mar 07, 2022 | Apr 21, 2022 | Jun 06, 2022 | £12.30 | 0.753% |
| 5 | Jul 29, 2021 | Oct 07, 2021 | Nov 05, 2021 | £11.50 | 0.632% |
FAQ
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