Weaker technical forecast for Sundial Growers Inc. as stock downgraded to Sell Candidate.StockInvest.us, 3 months ago
The Sundial Growers Inc. stock price fell by -1.05% on the last day (Wednesday, 16th Jun 2021) from $1.00 to $0.99. and has now fallen 3 days in a row. During the day the stock fluctuated 7.79% from a day low at $0.93 to a day high of $1.00. The price has fallen in 5 of the last 10 days and is down by -12.43% for this period. Volume has increased on the last day by 70 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 161 million shares were bought and sold for approximately $159.77 million.
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 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 -16.98% during the next 3 months and, with a 90% probability hold a price between $0.50 and $1.04 at the end of this 3-month period.
The Sundial Growers Inc. 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 $1.06. On a fall, the stock will find some support from the long-term average at approximately $0.89. 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. 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 -23.29%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more 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 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 $0.0721 between high and low, or 7.79%. For the last week, the stock has had a daily average volatility of 7.19%.
Sundial Growers Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full Sundial Growers Inc. forecast and analysis here.