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High volatility in Sundial Growers Inc. stock price on Tuesday which ended trading at $1.00

StockInvest.us, 3 months ago


The Sundial Growers Inc. stock price gained 3.09% on the last trading day (Tuesday, 1st Jun 2021), rising from $0.97 to $1.00. , and has now gained 3 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 day the stock fluctuated 10.20% from a day low at $0.98 to a day high of $1.08. The price has risen in 6 of the last 10 days and is up by 32.52% over the past 2 weeks. Volume fell on the last day by -320 million shares and in total, 298 million shares were bought and sold for approximately $297.61 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 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 $1.00 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 -41.75% during the next 3 months and, with a 90% probability hold a price between $0.32 and $0.58 at the end of this 3-month period.

Sundial Growers Inc.

Mostly positive signals in the chart today. 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 $0.84 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 44.93%. 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 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.

Sundial Growers Inc. finds support from accumulated volume at $0.97 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 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 $0.10 between high and low, or 10.20%. For the last week, the stock has had a daily average volatility of 13.20%.

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.