Sumitomo Electric Industries,Ltd. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Tuesday for Sumitomo Electric Industries,Ltd.
(Updated on May 07, 2024)
The Sumitomo Electric Industries,Ltd. stock price gained 1.31% on the last trading day (Tuesday, 7th May 2024), rising from JP¥2,402.50 to JP¥2,434.00. During the last trading day the stock fluctuated 1.10% from a day low at JP¥2,412.00 to a day high of JP¥2,438.50. The price has fallen in 6 of the last 10 days but is still up by 0.02% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 518 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately JP¥6.08 billion.
The stock lies in the middle of a 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 15.39% during the next 3 months and, with a 90% probability hold a price between JP¥2,761.52 and JP¥2,935.83 at the end of this 3-month period.
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5802.T Signals & Forecast
The Sumitomo Electric Industries,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 JP¥2,409.36 and JP¥2,370.66. 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 Monday, April 15, 2024, and so far it has fallen -1.34%. 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 Sumitomo Electric Industries,Ltd. stock
Sumitomo Electric Industries,Ltd. finds support from accumulated volume at JP¥2,335.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved JP¥26.50 between high and low, or 1.10%. For the last week the stock has had daily average volatility of 1.53%.
Our recommended stop-loss: JP¥2,330.62 (-4.25%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (5802.T) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Sumitomo Electric Industries,Ltd. to open at JP¥2,428.17, and during the day (based on 14 day Average True Range), to move between JP¥2,380.60 and JP¥2,487.40, which gives a possible trading interval of +/-JP¥53.40 (+/-2.19%) up or down from last closing price. If Sumitomo Electric Industries,Ltd. takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at JP¥2,437.00 (0.12%) than the support at JP¥2,335.00 (4.07%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Sumitomo Electric Industries,Ltd. will release earnings BMO on Friday, May 10, 2024.The consensus among the analysts for the expected earnings (EPS) is $107.14. We will update the financials statements for Sumitomo Electric Industries,Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.68% in the first trading day after earnings release.
Is Sumitomo Electric Industries,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 Sumitomo Electric Industries,Ltd. stock to perform well in the short-term.
Current score: 2.648 Buy Candidate Unchanged
Predicted Opening Price for Sumitomo Electric Industries,Ltd. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| JP¥2,428.17 ( 0.240%) | JP¥2,434.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 5802.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,454.67 | 0.85 % | |
| R2 | 2,444.54 | 0.433 % | ||
| R1 | 2,438.29 | 0.176 % | ||
| Current price: | 2,434.00 | |||
| Support | S1 | 2,418.04 | -0.656 % | |
| S2 | 2,411.79 | -0.91 % | ||
| S3 | 2,401.67 | -1.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,461.00 | 1.11 % | |
| R2 | 2,441.00 | 0.288 % | ||
| R1 | 2,437.00 | 0.123 % | ||
| Current price | 2,434.00 | |||
| Support | S1 | 2,335.00 | -4.07% | |
| S2 | 2,243.50 | -7.83% | ||
| S3 | 2,193.50 | -9.88% |
5802 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 28, 2024 | Mar 28, 2024 | Mar 28, 2024 | JP¥0 | 0% |
| 2 | Mar 30, 2023 | Mar 30, 2023 | Mar 30, 2023 | JP¥25.00 | 1.49% |
| 3 | Sep 29, 2022 | Sep 29, 2022 | Sep 29, 2022 | JP¥25.00 | 1.65% |
| 4 | Mar 30, 2022 | Mar 30, 2022 | Mar 30, 2022 | JP¥25.00 | 1.69% |
| 5 | Sep 29, 2021 | Sep 29, 2021 | Sep 29, 2021 | JP¥25.00 | 1.64% |
FAQ
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