Sono-Tek Corp Stock Forecast
Sono-Tek Corp stock price ended at $4.59 on Thursday, after losing 0.215%.
(Updated on May 02, 2024)
The Sono-Tek Corp stock price fell by -0.215% on the last day (Thursday, 2nd May 2024) from $4.60 to $4.59. During the last trading day the stock fluctuated 4.08% from a day low at $4.41 to a day high of $4.59. The price has risen in 6 of the last 10 days and is up by 11.95% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 thousand shares and in total, 1 thousand shares were bought and sold for approximately $5.80 thousand.
Given the current short-term trend, the stock is expected to fall -26.68% during the next 3 months and, with a 90% probability hold a price between $2.80 and $3.37 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SOTK Signals & Forecast
The Sono-Tek Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $4.41 and $4.56. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 13.05%. Further rise is indicated until a new top pivot has been found. 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. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Sono-Tek Corp stock
Sono-Tek Corp finds support from accumulated volume at $4.53 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 $0.180 between high and low, or 4.08%. For the last week the stock has had daily average volatility of 7.00%.
Our recommended stop-loss: $4.41 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (SOTK) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Sono-Tek Corp to open at $4.53, and during the day (based on 14 day Average True Range), to move between $4.35 and $4.83, which gives a possible trading interval of +/-$0.236 (+/-5.13%) up or down from last closing price. If Sono-Tek Corp takes out the full calculated possible swing range there will be an estimated 10.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.53 (1.31%) than the resistance at $5.40 (17.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sono-Tek Corp stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.125 Buy Candidate Unchanged
Predicted Opening Price for Sono-Tek Corp of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $4.53 ( 1.31%) | $4.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOTK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.71 | 2.61 % | |
| R2 | 4.64 | 1.12 % | ||
| R1 | 4.60 | 0.191 % | ||
| Current price: | 4.59 | |||
| Support | S1 | 4.46 | -2.81 % | |
| S2 | 4.42 | -3.73 % | ||
| S3 | 4.35 | -5.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.62 | 22.44 % | |
| R2 | 5.59 | 21.79 % | ||
| R1 | 5.40 | 17.65 % | ||
| Current price | 4.59 | |||
| Support | S1 | 4.53 | -1.31% | |
| S2 | 4.47 | -2.60% | ||
| S3 | 4.44 | -3.27% |
FAQ
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