Legal & General Group plc Stock Forecast
Green day on Tuesday for Legal & General Group plc stock after gaining 1.08%
(Updated on Apr 23, 2024)
The Legal & General Group plc stock price gained 1.08% on the last trading day (Tuesday, 23rd Apr 2024), rising from £250.40 to £253.10. During the last trading day the stock fluctuated 1.29% from a day low at £251.75 to a day high of £255.00. The price has fallen in 6 of the last 10 days but is still up by 0.44% over the past 2 weeks. Volume fell on the last day by -276 thousand shares and in total, 14 million shares were bought and sold for approximately £3.65 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 stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at £257.68 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Legal & General Group plc stock with a 90% probability to be traded between £238.62 and £262.36 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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LGEN.L Signals & Forecast
The Legal & General Group plc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £247.00 and £249.01. A breakdown below any of these levels will issue sell signals. 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. 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 Friday, March 22, 2024, and so far it has fallen -1.21%. 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).
Support, Risk & Stop-loss for Legal & General Group plc stock
Legal & General Group plc finds support from accumulated volume at £245.40 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 £3.25 between high and low, or 1.29%. For the last week the stock has had daily average volatility of 1.49%.
Our recommended stop-loss: £244.39 (-3.44%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (LGEN.L) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Legal & General Group plc to open at £253.28, and during the day (based on 14 day Average True Range), to move between £246.95 and £259.25, which gives a possible trading interval of +/-£6.15 (+/-2.43%) up or down from last closing price. If Legal & General Group plc takes out the full calculated possible swing range there will be an estimated 4.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £255.00 (0.75%) than the support at £245.40 (3.04%), 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 Legal & General Group plc stock A Buy?
Legal & General Group plc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.882 Hold/Accumulate Unchanged
Predicted Opening Price for Legal & General Group plc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| £253.28 ( 0.0724%) | £253.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LGEN.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 256.53 | 1.36 % | |
| R2 | 255.29 | 0.87 % | ||
| R1 | 254.52 | 0.563 % | ||
| Current price: | 253.10 | |||
| Support | S1 | 252.04 | -0.418 % | |
| S2 | 251.27 | -0.721 % | ||
| S3 | 250.03 | -1.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 256.20 | 1.22 % | |
| R2 | 255.50 | 0.95 % | ||
| R1 | 255.00 | 0.751 % | ||
| Current price | 253.10 | |||
| Support | S1 | 245.40 | -3.04% | |
| S2 | 243.90 | -3.63% | ||
| S3 | 243.30 | -3.87% |
LGEN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | Apr 25, 2024 | Jun 06, 2024 | £14.63 | 5.78% |
| 2 | Aug 24, 2023 | Aug 24, 2023 | Aug 24, 2023 | £5.71 | 2.66% |
| 3 | Mar 08, 2023 | Apr 27, 2023 | Jun 05, 2023 | £13.93 | 5.94% |
| 4 | Aug 09, 2022 | Aug 18, 2022 | Sep 26, 2022 | £5.44 | 2.25% |
| 5 | Mar 09, 2022 | Apr 21, 2022 | Jun 01, 2022 | £13.27 | 5.19% |
FAQ
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