Alleghany Corp Forecast and Stock Analysis
Technical Y stock analysis for April 24, 2019.
|Shorts||1.39% ( 2019-03-29 )|
Alleghany Corp fell by -0.82% in the last day from $651.74 to $646.37 The price has risen in 7 of the last 10 days and is up by 6.12% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -43 703 shares and in total 60 019 shares bought and sold for approximately $38.79 million.
Close price at the end of the last trading day (Wednesday, 24th Apr 2019) of the Y stock was $646.37. This is 0.82% less than the trading day before Tuesday, 23rd Apr 2019.
During day the stock fluctuated 1.64% from a day low at $646.37 to a day high of $656.94.
30 day high of the Y stock price was $656.94 and low was $600.23.
90 day high was $666.00 and low was $600.23.
52 week high for the Alleghany Corp - $666.00 and low - $558.50.
Alleghany Corp is the upper part of a horizontal trend and normally this would pose a good selling opportunity, but a break-up through the top trend line at $651.55 will give a strong buy signal and a trend shift may be expected. Given the current horizontal trend you can expect Alleghany Corp with 90% probability to be traded between $591.06 and $639.95 at the end of this period with 90% probability. 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 roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Alleghany Corp 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 $641.92 and $621.10. A break down below any of these levels will issue sell signals. 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 Tuesday April 23, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
* Golden Star Signal* is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Relative Strength Index (RSI)
RSI14 is 69 and the stock is currently not being overbought or oversold
Support & Resistance
Alleghany Corp finds support from accumulated volume at $621.53.
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 $10.57 (1.64%) between high and low. For the last week, the stock has had a daily average volatility of 1.77%.
Our recommended stoploss: $619.40 (-4.17%) (This stock has low daily movements and this gives low risk. There is a sell signal from pivot top found 1 days ago.)
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Evaluation: Buy Candidate
Several short-term signals 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 period. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Strong Buy Candidate to a Buy Candidate.
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|Y $646.37 ($-5.37 -0.82%)|
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