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Big movements in Sundial Growers Inc. stock price on Wednesday moving 12.61% between high and low

StockInvest.us, 5 months ago

StockInvest.us

The Sundial Growers Inc. stock price fell by -1.72% on the last day (Wednesday, 9th Jun 2021) from $1.16 to $1.14. During the day the stock fluctuated 12.61% from a day low at $1.11 to a day high of $1.25. The price has risen in 6 of the last 10 days and is up by 50.36% over the past 2 weeks. Volume has increased on the last day by 95 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 270 million shares were bought and sold for approximately $307.52 million.

The last rating was given by Canaccord Genuity on March 19, 2021. The price target was changed from $0.40 to $0.65.Over the last 30 days, this security got 0 buy, 0 sell, and 1 hold ratings.

The stock lies the upper part of a very wide and 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 $1.26 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 -28.11% during the next 3 months and, with a 90% probability hold a price between $0.39 and $0.90 at the end of this 3-month period.

Sundial Growers Inc.

The Sundial Growers Inc. 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 $1.14 and $0.87. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 03, 2021, and so far it has fallen -11.63%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Sundial Growers Inc. finds support from accumulated volume at $1.13 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.14 between high and low, or 12.61%. For the last week, the stock has had a daily average volatility of 15.65%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy Candidate candidate.

Check full Sundial Growers Inc. forecast and analysis here.