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High volatility in Sundial Growers Inc. stock price on Friday which ended trading at $1.09

StockInvest.us, 4 months ago

StockInvest.us

The Sundial Growers Inc. stock price fell by -15.50% on the last day (Friday, 4th Jun 2021) from $1.29 to $1.09. During the day the stock fluctuated 26.61% from a day low at $1.09 to a day high of $1.38. The price has risen in 6 of the last 10 days and is up by 40.92% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -515 million shares and in total, 371 million shares were bought and sold for approximately $404.16 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 in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -31.82% during the next 3 months and, with a 90% probability hold a price between $0.37 and $0.87 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 $1.03 and $0.84. 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 -15.50%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $1.00 and $0.97.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 $1.00. If this is broken, then the next support from accumulated volume will be at $0.97 and $0.86.

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 $0.29 between high and low, or 26.61%. For the last week, the stock has had a daily average volatility of 18.32%.

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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy Candidate to a Buy Candidate candidate.

Check full Sundial Growers Inc. forecast and analysis here.