Quack AI
NEAR Protocol
Monero
Lighter
Ethena
Pons
Sui
- Drax Group released its H1-2023 financial report on 27 July 2023.
- Drax acquires UK EV charge point installer BMM Energy Solutions.
- DRX stock slid 0.77% in the past 24 hours and is trading at £543.4.
Drax Group PLC has acquired British EV charge station installer BMM Energy Solutions to strengthen Drax’s end-to-end charging program for customers around the UK. Now, BMM is retitled as Drax Energy Solutions, which will fulfill Drax Group’s commitment to achieve their Net Zero ambitions.
DRX stock declined roughly 30% from an annual high of the £728.6 resistance level towards the annual low of the £503.0 support level. The stock price has been observing a bearish influence since early 2023. DRX stock price is currently falling with a downtrend while following the downward trendline.
The current market scenario of DRX stock price shows a loss of 0.77% during the intraday session and it is trading at £543.4. However, it has surged from the low of £529 and has attained a resistance level at £637.3 level on 27 July 2023. The price witnessed a sudden fall after reaching this resistance level.
H1-2023 Financial Report of Drax Group
Drax Group released its first half-yearly financial report on 27 July 2023. The outcome of the consensus impressed investors in the market. The company posted a profit of £453 Million compared with £225 Million in the previous year.
The reported EPS (earning per share) as per the H1-23 report was £0.45, which surpassed the estimated EPS of £0.40 by £0.05. However, after the results, DRX stock dropped further in a downtrend.
The price action plunged by roughly 15% in 30 days while forming lower lows and highs, after the H1-2023 report was released. Currently, DRX stock price is hovering near £555. If the current bearish sentiment remains constant, the price might melt and retest the previous support level of £529.
On the contrary, if bulls snatch control from the bears, a relief rally can be seen. Meanwhile, DRX stock price will surge upwards and might reach the resistance level at £600.
Will The Downtrend Sustain?
Drax Holdings PLC stock price is trading below the 20, 50, 100, and 200-day EMAs, denoting a downtrend in the market as the sellers’ participation rises, and the price might fall even lower. On the other hand, if buyers’ participation rises, a relief rally can be witnessed soon.
The RSI (relative strength index) has been hovering below the 50 mark since 2 August 2023. The RSI scored 41.73 during the intraday session, indicating that the price is slightly bearish.
The CMF (Chaikin Money Flow) score was -0.03 during the intraday session. It reflects weakness in the market, and denotes that the price is under the sellers’ influence.
Conclusion
DRX Stock is in a bearish grip while reflecting a downtrend trajectory since 27 July 2023. The stock price has attained bearish patterns multiple times throughout the year. Therefore, short-term investors should avoid long-term investments because there is the possibility of a sell-off.
Technical Levels
Major resistance: £728.6 and £694.6
Major support: £528.6 and £503.0
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.
