Shoprite Holdings Limited Stock Forecast
Shoprite Holdings Limited stock price up 1.27% on Tuesday
(Updated on Jun 25, 2024)
The Shoprite Holdings Limited stock price gained 1.27% on the last trading day (Tuesday, 25th Jun 2024), rising from $27,941.00 to $28,296.00. During the last trading day the stock fluctuated 2.03% from a day low at $27,732.00 to a day high of $28,296.00. The price has risen in 7 of the last 10 days and is up by 13.93% over the past 2 weeks. Volume fell on the last day by -754 thousand shares and in total, 1 million shares were bought and sold for approximately $40.91 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 lies in the middle of a wide and 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 13.36% during the next 3 months and, with a 90% probability hold a price between $28,649.68 and $33,346.85 at the end of this 3-month period.
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SHP.JO Signals & Forecast
The Shoprite Holdings Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $28,409.14. On a fall, the stock will find some support from the long-term average at approximately $26,223.51. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -3.43%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Shoprite Holdings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $26,460.00 and $25,319.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Shoprite Holdings Limited finds support just below today's level at $26,460.00. If this is broken, then the next support from accumulated volume will be at $25,319.00 and $22,717.00.
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 $564.00 between high and low, or 2.03%. For the last week, the stock has had daily average volatility of 3.03%.
Our recommended stop-loss: $26,897.66 (-4.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 46 days ago.)
Trading Expectations (SHP.JO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Shoprite Holdings Limited to open at $28,108.00, and during the day (based on 14 day Average True Range), to move between $27,475.43 and $29,116.57, which gives a possible trading interval of +/-$820.57 (+/-2.90%) up or down from last closing price. If Shoprite Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29,050.00 (2.66%) than the support at $26,460.00 (6.49%), 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 Shoprite Holdings Limited 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 Shoprite Holdings Limited stock to perform well in the short-term.
Current score: 2.740 Buy Candidate Unchanged
Predicted Opening Price for Shoprite Holdings Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $28,108.00 ( 0.664%) | $28,296.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHP.JO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 28,672.00 | 1.33% |
| R2 | 28,456.55 | 0.567% |
| R1 | 28,323.45 | 0.0970% |
| Price | 28,296.00 | |
| S1 | 27,892.55 | -1.43% |
| S2 | 27,759.45 | -1.90% |
| S3 | 27,544.00 | -2.66% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29,300.00 | 3.55% |
| R2 | 29,233.00 | 3.31% |
| R1 | 29,050.00 | 2.66% |
| Price | 28,296.00 | |
| S1 | 26,460.00 | -6.49% |
| S2 | 25,319.00 | -10.52% |
| S3 | 22,717.00 | -19.72% |
SHP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 26, 2024 | Mar 26, 2024 | Apr 02, 2024 | $267.00 | 1.07% |
| 2 | Sep 27, 2023 | Sep 27, 2023 | Sep 27, 2023 | $415.00 | 1.73% |
| 3 | Apr 04, 2023 | Apr 04, 2023 | Apr 04, 2023 | $248.00 | 1.10% |
| 4 | Sep 28, 2022 | Sep 28, 2022 | Sep 28, 2022 | $367.00 | 1.64% |
| 5 | Apr 06, 2022 | Apr 06, 2022 | Apr 06, 2022 | $233.00 | 0.97% |
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