Weaker technical forecast for Sundial Growers as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Sundial Growers stock price gained 0.35% on the last trading day (Friday, 19th Aug 2022), rising from $2.89 to $2.90. During the last trading day the stock fluctuated 5.37% from a day low at $2.78 to a day high of $2.93. The price has been going up and down for this period, and there has been a 14.62% gain for the last 2 weeks. Volume fell on the last day by -3 million shares and in total, 6 million shares were bought and sold for approximately $18.40 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.
Canaccord Genuity does not see either upside or downside right now giving SNDL "" on their last update on Aug 16, 2022. The price target was set to 0.Over the last 90 days, this security got 1 buy, 0 sell, and 1 hold ratings.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 670.14% during the next 3 months and, with a 90% probability hold a price between $9.19 and $25.87 at the end of this 3-month period.
The Sundial Growers stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $2.97. On a fall, the stock will find some support from the long-term average at approximately $1.59. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. 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 Monday, August 15, 2022, and so far it has fallen -8.52%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $2.46 and $2.32.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 finds support just below today's level at $2.46. If this is broken, then the next support from accumulated volume will be at $2.32 and $2.28.
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 $0.15 between high and low, or 5.37%. For the last week, the stock has had a daily average volatility of 11.28%.
Sundial Growers holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Sundial Growers forecast and analysis here.