Sunshine Oilsands Ltd. Stock Forecast
Big movements in Sunshine Oilsands Ltd. stock price on Tuesday moving 17.19% between high and low
(Updated on Jul 02, 2024)
The Sunshine Oilsands Ltd. stock price gained 6.25% on the last trading day (Tuesday, 2nd Jul 2024), rising from HK$0.640 to HK$0.680. During the last trading day the stock fluctuated 17.19% from a day low at HK$0.640 to a day high of HK$0.750. The price has fallen in 6 of the last 10 days and is down by -11.69% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 769 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately HK$1.80 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$0.487 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 54.67% during the next 3 months and, with a 90% probability hold a price between HK$0.753 and HK$2.25 at the end of this 3-month period.
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2012.HK Signals & Forecast
The Sunshine Oilsands Ltd. 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 HK$0.637 and HK$0.590. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, June 04, 2024, and so far it has fallen -47.69%. 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).
Support, Risk & Stop-loss for Sunshine Oilsands Ltd. stock
Sunshine Oilsands Ltd. finds support from accumulated volume at HK$0.660 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 HK$0.110 between high and low, or 17.19%. For the last week, the stock has had daily average volatility of 14.68%.
Our recommended stop-loss: HK$0.639 (-6.09%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (2012.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Sunshine Oilsands Ltd. to open at HK$0.690, and during the day (based on 14 day Average True Range), to move between HK$0.560 and HK$0.800, which gives a possible trading interval of +/-HK$0.120 (+/-17.62%) up or down from last closing price. If Sunshine Oilsands Ltd. takes out the full calculated possible swing range there will be an estimated 35.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$0.660 (2.94%) than the resistance at HK$0.770 (13.24%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sunshine Oilsands Ltd. stock A Buy?
Sunshine Oilsands Ltd. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.387 Strong Buy Candidate Upgraded
Predicted Opening Price for Sunshine Oilsands Ltd. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$0.690 ( 1.47%) | HK$0.680 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2012.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.80 | 17.65% |
| R2 | 0.758 | 11.47% |
| R1 | 0.732 | 7.65% |
| Price | 0.680 | |
| S1 | 0.648 | -4.71% |
| S2 | 0.622 | -8.53% |
| S3 | 0.580 | -14.71% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.82 | 20.59% |
| R2 | 0.81 | 19.12% |
| R1 | 0.770 | 13.24% |
| Price | 0.680 | |
| S1 | 0.660 | -2.94% |
| S2 | 0.640 | -5.88% |
| S3 | 0.600 | -11.76% |
FAQ
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