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- The DGE stock price is trading at 3620 GBX.
- The company chart is currently reflecting a bearish sentiment as the sellers are dominating the current scenario.
Diageo Plc. (LSE: DGE) is an alcoholic beverage company that was founded on 21 October 1886. The company does the manufacturing and distribution of different brands of alcoholic beverages as part of its commercial activities.
Diageo Plc. (DGE) Stock: Financial Analysis
The Diageo company has performed well in the last three years of revenue report from 2020 to 2022 with an overall growth of 32%.
The DGE’s estimated value for its 2023 revenue report is expected to be 17.00 Billion GBP. In the previous three revenue reports the Diageo company has achieved its estimated revenue value. This shows that the company has the potential to meet its 2023 estimated revenue value in the report.
The Diageo company has consistent 50-plus dividend payout ratio over the last three years. This indicates that it is in good health for the last three years.
Diageo Plc (DGE) Stock: Technical Analysis
In March 2022, the price of DGE formed support of 3290 GBX and commenced a bullish rally of more than 20% with strong buying. After a strong bullish rally, the price got exhausted and was seen falling to 3418 GBX.
In June 2022, the price commenced a bullish rally from 3418 GBX after making a double-bottom pattern. The price again got exhausted and was again see falling 3418 GBX support zone. Then commenced a bullish rally, the price was facing rejection from the trendline forming from the previous highs.
The price was then seen making a descending triangle with a higher low in forming and a strong support zone of 3418 GBX. The price traded in this pattern for almost one year.
In June 2023, DGE stock price gave the breakdown of the descending triangle. The price was seen falling to 3418 GBX support from where a strong bullish rally was seen in March 2022. If the price reclaims over the 3284 GBX support then again a strong buying can be seen from this level.
Currently, DGE stock price is in bearish sentiment and the price has broken the 3284 GBX support. If the price reclaims over the 3284 GBX support then again a strong buying can be seen from this level.
If the price fails to reclaim the 3284 GBX level then the price can be seen continuing its downtrend to its next support at 3046 GBX.
Technical Indicators’ Prediction About the Current Trend
The 50 EMA (yellow line) is at 3374 GBX and the 200 EMA (red line) is at 3508 GBX. The price of Diageo is currently trading below the 50 and 200 EMA which indicates the bearish sentiment in the price.
The relative strength index RSI is at 37.95. The RSI is in bearish territory which indicates that the price can be seen falling.
Conclusion
The overall chart of Diageo is bearish as the dominance of sellers can be see in the chart. A bullish move can only be seen if the price reclaims the 3284 GBX support because in March 2022, a strong buying was seen from this level. All the indicators mentioned above are bearish at the time of writing.
Technical levels
Resistance levels: 3418 GBX
Support levels:3284 GBX and 3046 GBX
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
