Summit Midstream Partners LP Stock Forecast
Stronger technical forecast for Summit Midstream Partners LP stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Summit Midstream Partners LP stock price fell by -0.311% on the last day (Tuesday, 2nd Jul 2024) from $35.38 to $35.27. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 2.69% from a day low at $34.91 to a day high of $35.85. The price has fallen in 6 of the last 10 days but is still up by 5.69% over the past 2 weeks. Volume has increased on the last day by 2 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 18 thousand shares were bought and sold for approximately $626.36 thousand.
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 26.21% during the next 3 months and, with a 90% probability hold a price between $41.00 and $46.68 at the end of this 3-month period.
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SMLP Signals & Forecast
The Summit Midstream Partners LP 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 $35.69. On a fall, the stock will find some support from the long-term average at approximately $33.46. 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). 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, June 24, 2024, and so far it has fallen -2.68%. Further fall is indicated until a new bottom pivot has been found. Summit Midstream Partners LP gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Summit Midstream Partners LP stock
Summit Midstream Partners LP finds support from accumulated volume at $35.10 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 $0.94 between high and low, or 2.69%. For the last week, the stock has had daily average volatility of 2.56%.
Our recommended stop-loss: $34.19 (-3.05%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (SMLP) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Summit Midstream Partners LP to open at $35.34, and during the day (based on 14 day Average True Range), to move between $33.91 and $36.63, which gives a possible trading interval of +/-$1.36 (+/-3.86%) up or down from last closing price. If Summit Midstream Partners LP takes out the full calculated possible swing range there will be an estimated 7.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $35.10 (0.48%) than the resistance at $35.90 (1.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Summit Midstream Partners LP 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 Summit Midstream Partners LP stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.497 Buy Candidate Upgraded
Predicted Opening Price for Summit Midstream Partners LP of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $35.34 ( 0.208%) | $35.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SMLP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 36.28 | 2.87% |
| R2 | 35.92 | 1.85% |
| R1 | 35.70 | 1.23% |
| Price | 35.27 | |
| S1 | 34.98 | -0.81% |
| S2 | 34.76 | -1.44% |
| S3 | 34.40 | -2.46% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 36.24 | 2.75% |
| R2 | 35.97 | 1.98% |
| R1 | 35.90 | 1.79% |
| Price | 35.27 | |
| S1 | 35.10 | -0.482% |
| S2 | 34.02 | -3.54% |
| S3 | 32.29 | -8.45% |
SMLP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 29, 2020 | Feb 06, 2020 | Nov 10, 2020 | $1.88 | 14.80% |
| 2 | Oct 24, 2019 | Nov 06, 2019 | Nov 14, 2019 | $4.32 | 7.44% |
| 3 | Jul 26, 2019 | Aug 06, 2019 | Aug 14, 2019 | $4.32 | 5.48% |
| 4 | Apr 25, 2019 | May 07, 2019 | May 15, 2019 | $4.32 | 3.49% |
| 5 | Jan 25, 2019 | Feb 06, 2019 | Feb 14, 2019 | $8.63 | 4.41% |
FAQ
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