Walgreens Boots Alliance (WBA stock) price has shown a free fall after breaking down from the $30 level. The stock price struggled to sustain above $30 the breakdown of which took the price to a low of $21.84. The price slumped to reach a 15-year low and is likely to decline further.
One of the factors behind the stock price decline might be that the companies P&G, Walgreens Boots Alliance, and Johnson and Johnson were accused of deceiving consumers about cold medicines containing an ingredient that a unanimous U.S. Food and Drug Administration Advisory panel declared ineffective.
The WBA price analysis demonstrates that the stock has been in a declining trend since it broke below the 200 EMA. the price kept declining, suffering rejection from the 50-day EMA and 200-day EMA.
Analysts offering a 1-year price forecast for Walgreens Boots Alliance Holdings have a max potential of 87% on the upside which could lead the price to a high of $41 and a minimum potential of 19% which could take the price to the $26 mark. Walgreens Boots Alliance Holdings engages in the provision of healthcare and pharmacy services.
WBA stock option-chain analysis states that the current implied volatility in the market is 39.70% with an increment of 1.15% in the last trading session. The At-the-money strike has an OI of 1834 on the PUT side and 751 on the CALL side indicating the buyers dominating at the CMP.
WBA Stock Price Crashed To Hit A 15-Year Low.
The WBA stock price currently trades at $21.84 and has made a breakdown to hit a record 15-year low of 21.84 on Wednesday. The price showed a free fall for the last five sessions and no signs of recovery have been observed on the charts.
The WBA price might continue to decline in Thursday’s session. Moreover, the price may decline till the $20 level which is a round level. The bulls might look for an opportunity to halt the decline near the $20 level.
The Technical Indicators Showing Weakness Over the Chart
The daily WBA stock price chart shows that the price is below the 50 and 200-days EMAs. Also, the EMAs are acting as dynamic resistance levels.
The overall Technical Opinion rating including RSI and MACD signals a 90% sell with a strong short-term outlook on maintaining the current direction.
Conclusion
Walgreens Boots Alliance (WBA) is a healthcare and pharmacy company that has seen the stock price plummet to a 15-year low of $21.84. The stock has been in a downtrend since breaking below the 200 EMA and faced resistance from the 50-day EMA. One of the reasons for the decline could be the lawsuits against the company for misleading consumers about cold medicines with ineffective ingredients. Analysts have a 1-year price forecast of $26 to $41 for WBA. The stock may continue to fall until it reaches the $20 level.
Technical Levels
- Support Levels: $21.41 and $20.32.
- Resistance Levels: $22.73 and $25.46.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/21/wba-stock-price-has-potential-to-reach-45-suggest-analysts/