Southern Company (The) Stock Forecast
Green day on Friday for Southern Company (The) stock after gaining 0.690%
(Updated on May 03, 2024)
The Southern Company (The) stock price gained 0.690% on the last trading day (Friday, 3rd May 2024), rising from $75.33 to $75.85. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.43% from a day low at $74.91 to a day high of $75.98. The price has risen in 8 of the last 10 days and is up by 5.13% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 4 million shares were bought and sold for approximately $326.13 million. 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 stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $74.60, a level that may pose a second chance to hit a runner. According to fan-theory $79.94 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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SO Signals & Forecast
Mostly positive signals in the chart today. The Southern Company (The) stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $74.45 and $71.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 11.92%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for Southern Company (The) stock
On the downside, the stock finds support just below today's level from accumulated volume at $69.80 and $69.77. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Southern Company (The) finds support just below today's level at $69.80. If this is broken, then the next support from accumulated volume will be at $69.77 and $66.83.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.07 between high and low, or 1.43%. For the last week, the stock has had daily average volatility of 1.74%.
The Southern Company (The) stock is extremely overbought on RSI14 (79). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $73.38 (-3.25%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (SO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Southern Company (The) to open at $75.58, and during the day (based on 14 day Average True Range), to move between $74.50 and $77.20, which gives a possible trading interval of +/-$1.35 (+/-1.78%) up or down from last closing price. If Southern Company (The) takes out the full calculated possible swing range there will be an estimated 3.56% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $69.80, some $6.05 (7.98%) from the current price of $75.85, our system finds the risk reward attractive.
Is Southern Company (The) stock A Buy?
Southern Company (The) holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 8.250 Strong Buy Candidate Unchanged
Predicted Opening Price for Southern Company (The) of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $75.58 ( 0.356%) | $75.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 76.65 | 1.05 % | |
| R2 | 76.24 | 0.516 % | ||
| R1 | 75.99 | 0.183 % | ||
| Current price: | 75.85 | |||
| Support | S1 | 75.17 | -0.89 % | |
| S2 | 74.92 | -1.23 % | ||
| S3 | 74.51 | -1.77 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 75.85 | |||
| Support | S1 | 69.80 | -7.98% | |
| S2 | 69.77 | -8.02% | ||
| S3 | 66.83 | -11.89% |
SO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 17, 2024 | May 17, 2024 | Jun 06, 2024 | $0.720 | 0.95% |
| 2 | Feb 16, 2024 | Feb 16, 2024 | Mar 06, 2024 | $0.700 | 1.02% |
| 3 | Oct 16, 2023 | Nov 17, 2023 | Dec 06, 2023 | $0.700 | 0.97% |
| 4 | Jul 17, 2023 | Aug 18, 2023 | Sep 06, 2023 | $0.700 | 1.06% |
| 5 | Apr 17, 2023 | May 12, 2023 | Jun 06, 2023 | $0.700 | 1.01% |
FAQ
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