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High volatility in Sundial Growers Inc. stock price on Friday which ended trading at $0.97

StockInvest.us, 3 months ago


The Sundial Growers Inc. stock price gained 14.79% on the last trading day (Friday, 28th May 2021), rising from $0.85 to $0.97. During the day the stock fluctuated 20.93% from a day low at $0.86 to a day high of $1.04. The price has risen in 6 of the last 10 days and is up by 37.28% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 202 million more shares were traded than the day before. In total, 618 million shares were bought and sold for approximately $599.45 million.

The last rating was given by Canaccord Genuity on March 19, 2021. The price target was set to $0.40 → $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 $0.99 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 -43.09% during the next 3 months and, with a 90% probability hold a price between $0.32 and $0.56 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, 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 $0.81 and $0.82. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 40.58%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $0.86 and $0.85.There is 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, Sundial Growers Inc. finds support just below today's level at $0.86. If this is broken, then the next support from accumulated volume will be at $0.85 and $0.79.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.18 between high and low, or 20.93%. For the last week, the stock has had a daily average volatility of 12.28%.

Sundial Growers 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.

Check full Sundial Growers Inc. forecast and analysis here.