Sumitomo Chemical Company, Limited Stock Forecast
Sumitomo Chemical Company, Limited stock price ended at $10.28 on Friday, after gaining 1.54%.
(Updated on May 17, 2024)
The Sumitomo Chemical Company, Limited stock price gained 1.54% on the last trading day (Friday, 17th May 2024), rising from $10.12 to $10.28. During the last trading day the stock fluctuated 2.99% from a day low at $10.02 to a day high of $10.32. The price has risen in 6 of the last 10 days but is still down by -5.3% for this period. Volume fell on the last day by -3 thousand shares and in total, 14 thousand shares were bought and sold for approximately $140.29 thousand. 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 lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $10.13 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.46% during the next 3 months and, with a 90% probability hold a price between $10.78 and $12.54 at the end of this 3-month period.
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SOMMY Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 1.54%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sumitomo Chemical Company, Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $10.61 and $11.05. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Sumitomo Chemical Company, Limited stock
Sumitomo Chemical Company, Limited finds support from accumulated volume at $10.20 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.300 between high and low, or 2.99%. For the last week the stock has had daily average volatility of 1.85%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SOMMY) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Sumitomo Chemical Company, Limited to open at $10.21, and during the day (based on 14 day Average True Range), to move between $9.93 and $10.62, which gives a possible trading interval of +/-$0.347 (+/-3.38%) up or down from last closing price. If Sumitomo Chemical Company, Limited takes out the full calculated possible swing range there will be an estimated 6.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $10.31 (0.34%) than the support at $10.20 (0.73%), 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 Chemical Company, Limited stock A Buy?
The Sumitomo Chemical Company, Limited stock holds several negative signals and despite the positive trend, we believe Sumitomo Chemical Company, Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.109 Sell Candidate Unchanged
Predicted Opening Price for Sumitomo Chemical Company, Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $10.21 ( 0.681%) | $10.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOMMY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.51 | 2.24 % | |
| R2 | 10.39 | 1.12 % | ||
| R1 | 10.32 | 0.434 % | ||
| Current price: | 10.28 | |||
| Support | S1 | 10.09 | -1.80 % | |
| S2 | 10.02 | -2.49 % | ||
| S3 | 9.91 | -3.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.96 | 6.67 % | |
| R2 | 10.38 | 1.02 % | ||
| R1 | 10.31 | 0.341 % | ||
| Current price | 10.28 | |||
| Support | S1 | 10.20 | -0.730% | |
| S2 | 10.05 | -2.19% | ||
| S3 | 10.03 | -2.38% |
SOMMY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 28, 2023 | Sep 28, 2023 | Dec 19, 2023 | $0.145 | 1.27% |
| 2 | Mar 30, 2023 | Mar 30, 2023 | Jun 16, 2023 | $0.153 | 1.01% |
| 3 | Sep 29, 2022 | Sep 29, 2022 | Dec 19, 2022 | $0.325 | 1.86% |
FAQ
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