Sainsbury (J) plc Stock Forecast

Sainsbury (J) plc stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 08, 2024)

SBRY.L Signals & Forecast

The Sainsbury (J) plc 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 £264.37 and £262.57. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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, May 07, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Sainsbury (J) plc stock

Sainsbury (J) plc finds support from accumulated volume at £264.40 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved £0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0.91%

Our recommended stop-loss: £255.21 (-3.84%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (SBRY.L) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Sainsbury (J) plc to open at £265.40, and during the day (based on 14 day Average True Range), to move between £260.58 and £270.22, which gives a possible trading interval of +/-£4.82 (+/-1.82%) up or down from last closing price. If Sainsbury (J) plc takes out the full calculated possible swing range there will be an estimated 3.64% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £264.40 (0.38%) than the resistance at £269.00 (1.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Sainsbury (J) plc stock A Buy?

Sainsbury (J) plc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

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 Sainsbury (J) plc of Thursday, May 9, 2024

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