Sonoco Products Company Stock Forecast
Sonoco Products Company stock upgraded from Sell Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)
The Sonoco Products Company stock price gained 0.546% on the last trading day (Monday, 6th May 2024), rising from $56.80 to $57.11. During the last trading day the stock fluctuated 1.22% from a day low at $56.75 to a day high of $57.44. The price has risen in 6 of the last 10 days and is up by 1.28% over the past 2 weeks. Volume fell on the last day by -28 thousand shares and in total, 458 thousand shares were bought and sold for approximately $26.14 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 is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Sonoco Products Company stock with a 90% probability to be traded between $55.55 and $58.25 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SON Signals & Forecast
The Sonoco Products Company 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 $56.58 and $56.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 2.70%. 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. The stock had a Golden Star Signal on Tuesday, March 26, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Tuesday, March 26, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
A buy signal from a double bottom formation was found on Thursday, May 02, 2024 and based on theory for this formation the price should go up by 0.84% to $57.59 within 11 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for Sonoco Products Company stock
Sonoco Products Company finds support from accumulated volume at $56.78 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 $0.690 between high and low, or 1.22%. For the last week the stock has had daily average volatility of 2.00%.
Our recommended stop-loss: $54.58 (-4.43%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (SON) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Sonoco Products Company to open at $57.10, and during the day (based on 14 day Average True Range), to move between $56.12 and $58.10, which gives a possible trading interval of +/-$0.99 (+/-1.74%) up or down from last closing price. If Sonoco Products Company takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $57.21 (0.18%) than the support at $56.78 (0.58%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Sonoco Products Company stock A Buy?
Sonoco Products Company 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.845 Hold/Accumulate Upgraded
Predicted Opening Price for Sonoco Products Company of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $57.10 ( 0.0175%) | $57.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.79 | 1.19 % | |
| R2 | 57.53 | 0.729 % | ||
| R1 | 57.36 | 0.444 % | ||
| Current price: | 57.11 | |||
| Support | S1 | 56.84 | -0.479 % | |
| S2 | 56.67 | -0.764 % | ||
| S3 | 56.41 | -1.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.61 | 0.88 % | |
| R2 | 57.50 | 0.683 % | ||
| R1 | 57.21 | 0.175 % | ||
| Current price | 57.11 | |||
| Support | S1 | 56.78 | -0.578% | |
| S2 | 56.71 | -0.700% | ||
| S3 | 55.89 | -2.14% |
SON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | May 09, 2024 | $0 | 0% |
| 2 | Feb 14, 2024 | Feb 27, 2024 | Mar 08, 2024 | $0.510 | 0.89% |
| 3 | Oct 17, 2023 | Nov 10, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 4 | Oct 17, 2023 | Nov 09, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 5 | Jul 19, 2023 | Aug 09, 2023 | Sep 08, 2023 | $0.510 | 0.93% |
FAQ
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