Sunshine Oilsands Ltd. Stock Forecast
Volatile ride for Sunshine Oilsands Ltd. stock price on Wednesday moving between HK$0.640 and HK$0.730
(Updated on Jul 03, 2024)
The Sunshine Oilsands Ltd. stock price fell by -2.94% on the last day (Wednesday, 3rd Jul 2024) from HK$0.680 to HK$0.660. During the last trading day the stock fluctuated 14.06% from a day low at HK$0.640 to a day high of HK$0.730. The price has fallen in 6 of the last 10 days and is down by -9.59% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -976 thousand shares and in total, 2 million shares were bought and sold for approximately HK$1.10 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$0.497 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 54.55% during the next 3 months and, with a 90% probability hold a price between HK$0.768 and HK$2.27 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$0.639 and HK$0.598. A breakdown below any of these levels will issue sell signals. 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 -49.23%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Sunshine Oilsands Ltd. stock
Sunshine Oilsands Ltd. finds support from accumulated volume at HK$0.650 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 periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0900 between high and low, or 14.06%. For the last week the stock has had daily average volatility of 15.45%.
Our recommended stop-loss: HK$0.618 (-6.34%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (2012.HK) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Sunshine Oilsands Ltd. to open at HK$0.677, and during the day (based on 14 day Average True Range), to move between HK$0.542 and HK$0.778, which gives a possible trading interval of +/-HK$0.118 (+/-17.84%) up or down from last closing price. If Sunshine Oilsands Ltd. takes out the full calculated possible swing range there will be an estimated 35.67% 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$0.650 (1.52%) than the resistance at HK$0.770 (16.67%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Sunshine Oilsands Ltd. stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.636 Buy Candidate Downgraded
Predicted Opening Price for Sunshine Oilsands Ltd. of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| HK$0.677 ( 2.53%) | HK$0.660 |
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 | 0.767 | 16.16% |
| R2 | 0.732 | 10.95% |
| R1 | 0.711 | 7.73% |
| Price | 0.660 | |
| S1 | 0.642 | -2.68% |
| S2 | 0.621 | -5.90% |
| S3 | 0.587 | -11.11% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.82 | 24.24% |
| R2 | 0.81 | 22.73% |
| R1 | 0.770 | 16.67% |
| Price | 0.660 | |
| S1 | 0.650 | -1.52% |
| S2 | 0.640 | -3.03% |
| S3 | 0.600 | -9.09% |
FAQ
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