Sonoco Products Company Stock Forecast
Sonoco Products Company stock price up 0.587% on Friday
(Updated on Apr 26, 2024)
The Sonoco Products Company stock price gained 0.587% on the last trading day (Friday, 26th Apr 2024), rising from $56.18 to $56.51. During the last trading day the stock fluctuated 0.87% from a day low at $56.35 to a day high of $56.84. The price has been going up and down for this period, and there has been a 0.32% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 43 thousand more shares were traded than the day before. In total, 300 thousand shares were bought and sold for approximately $16.93 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Sonoco Products Company stock with a 90% probability to be traded between $55.34 and $58.13 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SON Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 1.29%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sonoco Products Company stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $56.98. On a fall, the stock will find some support from the short-term average at $56.48. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Friday, February 16, 2024 and based on theory for this formation the price should go up by 2.14% to $57.72 within 3 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Sonoco Products Company stock
Sonoco Products Company finds support from accumulated volume at $56.31 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.490 between high and low, or 0.87%. For the last week the stock has had daily average volatility of 1.21%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SON) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Sonoco Products Company to open at $56.57, and during the day (based on 14 day Average True Range), to move between $55.67 and $57.35, which gives a possible trading interval of +/-$0.84 (+/-1.49%) up or down from last closing price. If Sonoco Products Company takes out the full calculated possible swing range there will be an estimated 2.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $56.31 (0.35%) than the resistance at $56.78 (0.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Sonoco Products Company will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.08. We will update the financials statements for Sonoco Products Company, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.99% in the first trading day after earnings release.
Is Sonoco Products Company stock A Buy?
Sonoco Products Company holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.184 Sell Candidate Unchanged
Predicted Opening Price for Sonoco Products Company of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $56.57 ( 0.100%) | $56.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.06 | 0.97 % | |
| R2 | 56.87 | 0.636 % | ||
| R1 | 56.75 | 0.432 % | ||
| Current price: | 56.51 | |||
| Support | S1 | 56.38 | -0.231 % | |
| S2 | 56.26 | -0.436 % | ||
| S3 | 56.08 | -0.767 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.21 | 1.24 % | |
| R2 | 56.95 | 0.779 % | ||
| R1 | 56.78 | 0.478 % | ||
| Current price | 56.51 | |||
| Support | S1 | 56.31 | -0.354% | |
| S2 | 55.89 | -1.10% | ||
| S3 | 55.65 | -1.52% |
SON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | May 09, 2024 | $0 | 0% |
| 2 | Feb 14, 2024 | Feb 27, 2024 | Mar 08, 2024 | $0.510 | 0.89% |
| 3 | Oct 17, 2023 | Nov 10, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 4 | Oct 17, 2023 | Nov 09, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 5 | Jul 19, 2023 | Aug 09, 2023 | Sep 08, 2023 | $0.510 | 0.93% |
FAQ
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