WEC Energy Group Inc Stock Forecast
WEC Energy Group Inc stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 16, 2024)
The WEC Energy Group Inc stock price fell by -1.38% on the last day (Tuesday, 16th Apr 2024) from $78.89 to $77.80. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 1.42% from a day low at $77.53 to a day high of $78.63. The price has fallen in 8 of the last 10 days and is down by -4.99% for this period. Volume has increased on the last day by 553 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $149.91 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $77.42 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect WEC Energy Group Inc stock with a 90% probability to be traded between $78.75 and $84.07 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.
WEC Signals & Forecast
There are few to no technical positive signals at the moment. The WEC Energy Group Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $79.72 and $80.26. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -5.26%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A sell signal from a double top formation was found on Thursday, March 28, 2024 with a target of $79.96. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for WEC Energy Group Inc stock
WEC Energy Group Inc finds support from accumulated volume at $77.55 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 $1.10 between high and low, or 1.42%. For the last week the stock has had daily average volatility of 1.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WEC) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect WEC Energy Group Inc to open at $77.99, and during the day (based on 14 day Average True Range), to move between $76.37 and $79.23, which gives a possible trading interval of +/-$1.43 (+/-1.84%) up or down from last closing price. If WEC Energy Group Inc takes out the full calculated possible swing range there will be an estimated 3.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $77.55 (0.32%) than the resistance at $79.72 (2.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is WEC Energy Group Inc stock A Buy?
WEC Energy Group Inc holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Hold/Accumulate to a Sell candidate.
Current score: -1.105 Sell Candidate Downgraded
Predicted Opening Price for WEC Energy Group Inc of Wednesday, April 17, 2024
| Fair opening price April 17, 2024 | Current price |
|---|---|
| $77.99 ( 0.240%) | $77.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 79.09 | 1.65 % | |
| R2 | 78.67 | 1.11 % | ||
| R1 | 78.41 | 0.780 % | ||
| Current price: | 77.80 | |||
| Support | S1 | 77.57 | -0.300 % | |
| S2 | 77.31 | -0.634 % | ||
| S3 | 76.89 | -1.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 81.78 | 5.12 % | |
| R2 | 80.76 | 3.80 % | ||
| R1 | 79.72 | 2.47 % | ||
| Current price | 77.80 | |||
| Support | S1 | 77.55 | -0.321% | |
| S2 | 77.40 | -0.514% | ||
| S3 | 76.46 | -1.72% |
WEC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 13, 2024 | Feb 13, 2024 | Mar 01, 2024 | $0.84 | 1.07% |
| 2 | Oct 19, 2023 | Nov 13, 2023 | Dec 01, 2023 | $0.780 | 0.92% |
| 3 | Jul 20, 2023 | Aug 11, 2023 | Sep 01, 2023 | $0.780 | 0.94% |
| 4 | Apr 20, 2023 | May 11, 2023 | Jun 01, 2023 | $0.780 | 0.90% |
| 5 | Dec 13, 2022 | Feb 13, 2023 | Mar 01, 2023 | $0.780 | 0.90% |
FAQ
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