Sun Life Financial Inc Stock Forecast
Evaluation of Sun Life Financial Inc stock downgraded after the last trading session.
(Updated on May 06, 2024)
The Sun Life Financial Inc stock price gained 1.28% on the last trading day (Monday, 6th May 2024), rising from $52.48 to $53.15. It has now gained 4 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 1.14% from a day low at $52.67 to a day high of $53.27. The price has risen in 6 of the last 10 days and is up by 3.06% over the past 2 weeks. Volume fell on the last day by -69 thousand shares and in total, 291 thousand shares were bought and sold for approximately $15.48 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 lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $53.58 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.65% during the next 3 months and, with a 90% probability hold a price between $47.34 and $51.09 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SLF Signals & Forecast
The Sun Life Financial Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $51.93 and $52.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 5.86%. 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.
A sell signal from a double top formation was found on Wednesday, March 13, 2024 and based on theory for this formation the price should fall by -1.06% to $52.59 within 13 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for Sun Life Financial Inc stock
Sun Life Financial Inc finds support from accumulated volume at $52.46 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 $0.600 between high and low, or 1.14%. For the last week the stock has had daily average volatility of 1.29%.
The Sun Life Financial Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $50.94 (-4.16%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (SLF) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Sun Life Financial Inc to open at $53.03, and during the day (based on 14 day Average True Range), to move between $52.41 and $53.89, which gives a possible trading interval of +/-$0.742 (+/-1.40%) up or down from last closing price. If Sun Life Financial Inc takes out the full calculated possible swing range there will be an estimated 2.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $52.46 (1.30%) than the resistance at $53.87 (1.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Sun Life Financial Inc will release earnings AMC on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.20. We will update the financials statements for Sun Life Financial Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 1.80% in the first trading day after earnings release.
Is Sun Life Financial Inc stock A Buy?
Sun Life Financial Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.945 Hold/Accumulate Downgraded
Predicted Opening Price for Sun Life Financial Inc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $53.03 ( 0.226%) | $53.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SLF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.63 | 0.90 % | |
| R2 | 53.40 | 0.472 % | ||
| R1 | 53.26 | 0.205 % | ||
| Current price: | 53.15 | |||
| Support | S1 | 52.80 | -0.657 % | |
| S2 | 52.66 | -0.92 % | ||
| S3 | 52.43 | -1.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 55.11 | 3.69 % | |
| R2 | 53.96 | 1.52 % | ||
| R1 | 53.87 | 1.35 % | ||
| Current price | 53.15 | |||
| Support | S1 | 52.46 | -1.30% | |
| S2 | 51.82 | -2.50% | ||
| S3 | 51.66 | -2.80% |
SLF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 07, 2024 | Feb 27, 2024 | Mar 28, 2024 | $0.579 | 1.06% |
| 2 | Aug 09, 2023 | Nov 28, 2023 | Dec 29, 2023 | $0.570 | 1.10% |
| 3 | May 11, 2023 | May 30, 2023 | Jun 30, 2023 | $0.552 | 1.06% |
| 4 | Feb 08, 2023 | Feb 28, 2023 | Mar 31, 2023 | $0.530 | 1.13% |
| 5 | Nov 02, 2022 | Nov 22, 2022 | Dec 30, 2022 | $0.535 | 1.15% |
FAQ
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