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Weaker technical forecast for Sundial Growers Inc. as stock downgraded to Hold/Accumulate.

StockInvest.us, 2 months ago


No changes to the price of Sundial Growers Inc. stock on the last trading day (Thursday, 24th Jun 2021). During the day the stock fluctuated 6.00% from a day low at $1.00 to a day high of $1.06. The price has fallen in 6 of the last 10 days and is down by -2.91% for this period.

The last rating was given by Canaccord Genuity on March 19, 2021. The price target was changed from $0.40 to $0.65.

The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Sundial Growers Inc. stock with a 90% probability to be traded between $0.66 and $1.26 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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 $0.95 and $0.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 22, 2021, and so far it has risen 12.15%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

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 $0.0600 between high and low, or 6.00%. For the last week, the stock has had a daily average volatility of 7.20%.

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.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 Inc. forecast and analysis here.