Sona Nanotech Inc. Stock Forecast
Sona Nanotech Inc. stock price ended at $0.365 on Friday, after losing 1.35%.
(Updated on May 03, 2024)
The Sona Nanotech Inc. stock price fell by -1.35% on the last day (Friday, 3rd May 2024) from $0.370 to $0.365. During the last trading day the stock fluctuated 9.72% from a day low at $0.360 to a day high of $0.395. The price has fallen in 5 of the last 10 days and is down by -13.1% for this period. Volume has increased on the last day by 10 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, 30 thousand shares were bought and sold for approximately $10.97 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.344 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 27.22% during the next 3 months and, with a 90% probability hold a price between $0.438 and $0.776 at the end of this 3-month period.
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SONA.CN Signals & Forecast
There are few to no technical positive signals at the moment. The Sona Nanotech Inc. 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 $0.374 and $0.415. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -31.13%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Sona Nanotech Inc. 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Sona Nanotech Inc. stock
Sona Nanotech Inc. finds support from accumulated volume at $0.350 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0350 between high and low, or 9.72%. For the last week, the stock has had daily average volatility of 9.77%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SONA.CN) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Sona Nanotech Inc. to open at $0.373, and during the day (based on 14 day Average True Range), to move between $0.328 and $0.402, which gives a possible trading interval of +/-$0.0375 (+/-10.26%) up or down from last closing price. If Sona Nanotech Inc. takes out the full calculated possible swing range there will be an estimated 20.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.375 (2.74%) than the support at $0.350 (4.11%), 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 Sona Nanotech Inc. stock A Buy?
The Sona Nanotech Inc. stock holds several negative signals and despite the positive trend, we believe Sona Nanotech Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.685 Sell Candidate Unchanged
Predicted Opening Price for Sona Nanotech Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.373 ( 2.28%) | $0.365 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SONA.CN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.408 | 11.87 % | |
| R2 | 0.395 | 8.21 % | ||
| R1 | 0.387 | 5.95 % | ||
| Current price: | 0.365 | |||
| Support | S1 | 0.360 | -1.38 % | |
| S2 | 0.352 | -3.64 % | ||
| S3 | 0.338 | -7.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.415 | 13.70 % | |
| R2 | 0.400 | 9.59 % | ||
| R1 | 0.375 | 2.74 % | ||
| Current price | 0.365 | |||
| Support | S1 | 0.350 | -4.11% | |
| S2 | 0.330 | -9.59% | ||
| S3 | 0.320 | -12.33% |
FAQ
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