Sumitomo Mitsui Financial Group,Inc. Stock Forecast
Green day on Monday for Sumitomo Mitsui Financial Group,Inc. stock after gaining 1.50%
(Updated on May 20, 2024)
The Sumitomo Mitsui Financial Group,Inc. stock price gained 1.50% on the last trading day (Monday, 20th May 2024), rising from JP¥9,723.00 to JP¥9,869.00. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.22% from a day low at JP¥9,671.00 to a day high of JP¥9,886.00. The price has risen in 9 of the last 10 days and is up by 11.26% over the past 2 weeks. Volume fell on the last day by -5 million shares and in total, 9 million shares were bought and sold for approximately JP¥88.80 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at JP¥9,733.76, a level that may pose a second chance to hit a runner. According to fan-theory JP¥10,694.93 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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8316.T Signals & Forecast
The Sumitomo Mitsui Financial Group,Inc. 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¥9,351.14 and JP¥8,913.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 15.62%. 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.
A buy signal from a double bottom formation was found on Friday, April 19, 2024 with a target of JP¥8,879.67. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Sumitomo Mitsui Financial Group,Inc. stock
Sumitomo Mitsui Financial Group,Inc. finds support from accumulated volume at JP¥9,400.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved JP¥215.00 between high and low, or 2.22%. For the last week, the stock has had daily average volatility of 2.51%.
The Sumitomo Mitsui Financial Group,Inc. stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Sumitomo Mitsui Financial Group,Inc. has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: JP¥9,592.67 (-2.80%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (8316.T) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Sumitomo Mitsui Financial Group,Inc. to open at JP¥9,808.67, and during the day (based on 14 day Average True Range), to move between JP¥9,674.20 and JP¥10,063.80, which gives a possible trading interval of +/-JP¥194.80 (+/-1.97%) up or down from last closing price. If Sumitomo Mitsui Financial Group,Inc. takes out the full calculated possible swing range there will be an estimated 3.95% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ JP¥9,400.00, some JP¥469.00 (4.75%) from the current price of JP¥9,869.00, our system finds the risk reward attractive.
Is Sumitomo Mitsui Financial Group,Inc. stock A Buy?
Sumitomo Mitsui Financial Group,Inc. 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Sumitomo Mitsui Financial Group,Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| JP¥9,808.67 ( 0.611%) | JP¥9,869.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8316.T
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10,023.67 | 1.57 % | |
| R2 | 9,941.54 | 0.735 % | ||
| R1 | 9,890.80 | 0.221 % | ||
| Current price: | 9,869.00 | |||
| Support | S1 | 9,726.54 | -1.44 % | |
| S2 | 9,675.80 | -1.96 % | ||
| S3 | 9,593.67 | -2.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 9,869.00 | |||
| Support | S1 | 9,400.00 | -4.75% | |
| S2 | 8,772.00 | -11.12% | ||
| S3 | 8,677.00 | -12.08% |
8316 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 27, 2024 | Sep 27, 2024 | Sep 27, 2024 | JP¥0 | 0% |
| 2 | Mar 28, 2024 | Mar 28, 2024 | Mar 28, 2024 | JP¥0 | 0% |
| 3 | Sep 28, 2023 | Sep 28, 2023 | Sep 28, 2023 | JP¥125.00 | 1.67% |
| 4 | Mar 30, 2023 | Mar 30, 2023 | Mar 30, 2023 | JP¥125.00 | 2.39% |
| 5 | Mar 07, 2022 | Sep 29, 2022 | Jul 08, 2022 | JP¥115.00 | 2.83% |
FAQ
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