SUMITOMO HEAVY INDUSTRIES,LTD. Stock Forecast

Stronger technical forecast for SUMITOMO HEAVY INDUSTRIES,LTD. stock price after Monday trading.
(Updated on Jun 24, 2024)

6302.T Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 3.25%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SUMITOMO HEAVY INDUSTRIES,LTD. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at JP¥4,230.57. On a fall, the stock will find some support from the short-term average at JP¥4,167.29. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. The stock had a Golden Star Signal on Thursday, December 21, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for SUMITOMO HEAVY INDUSTRIES,LTD. stock

SUMITOMO HEAVY INDUSTRIES,LTD. finds support from accumulated volume at JP¥4,157.00 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¥42.00 between high and low, or 1.01%. For the last week the stock has had daily average volatility of 1.28%.

Our recommended stop-loss: JP¥4,043.48 (-3.52%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 60 days ago.)

Trading Expectations (6302.T) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect SUMITOMO HEAVY INDUSTRIES,LTD. to open at JP¥4,189.67, and during the day (based on 14 day Average True Range), to move between JP¥4,108.37 and JP¥4,273.63, which gives a possible trading interval of +/-JP¥82.63 (+/-1.97%) up or down from last closing price. If SUMITOMO HEAVY INDUSTRIES,LTD. takes out the full calculated possible swing range there will be an estimated 3.94% 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¥4,205.00 (0.33%) than the support at JP¥4,157.00 (0.81%), 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.

Is SUMITOMO HEAVY INDUSTRIES,LTD. stock A Buy?

SUMITOMO HEAVY INDUSTRIES,LTD. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.529 Hold/Accumulate Upgraded

Predicted Opening Price for SUMITOMO HEAVY INDUSTRIES,LTD. of Tuesday, June 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.