South32 Limited Stock Forecast
South32 Limited stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The South32 Limited stock price fell by -1.15% on the last day (Tuesday, 7th May 2024) from $12.18 to $12.04. During the last trading day the stock fluctuated 4.51% from a day low at $11.62 to a day high of $12.14. The price has risen in 7 of the last 10 days and is up by 11.79% over the past 2 weeks. Volume has increased on the last day by 95 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, 199 thousand shares were bought and sold for approximately $2.40 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $12.22 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 21.18% during the next 3 months and, with a 90% probability hold a price between $12.57 and $14.80 at the end of this 3-month period.
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SOUHY Signals & Forecast
The South32 Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $11.78 and $10.59. A breakdown below any of these levels will issue sell signals. 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, May 06, 2024, and so far it has fallen -1.15%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for South32 Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $9.70 and $9.59. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, South32 Limited finds support just below today's level at $9.70. If this is broken, then the next support from accumulated volume will be at $9.59 and $9.19.
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 $0.524 between high and low, or 4.51%. For the last week, the stock has had daily average volatility of 2.65%.
Our recommended stop-loss: $11.68 (-3.02%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (SOUHY) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect South32 Limited to open at $11.93, and during the day (based on 14 day Average True Range), to move between $11.62 and $12.46, which gives a possible trading interval of +/-$0.416 (+/-3.46%) up or down from last closing price. If South32 Limited takes out the full calculated possible swing range there will be an estimated 6.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.18 (1.16%) than the support at $9.70 (19.44%), 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 South32 Limited 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 South32 Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.140 Buy Candidate Downgraded
Predicted Opening Price for South32 Limited of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $11.93 ( 0.87%) | $12.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOUHY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.46 | 3.48 % | |
| R2 | 12.26 | 1.81 % | ||
| R1 | 12.13 | 0.788 % | ||
| Current price: | 12.04 | |||
| Support | S1 | 11.73 | -2.54 % | |
| S2 | 11.61 | -3.56 % | ||
| S3 | 11.41 | -5.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 12.18 | 1.16 % | ||
| Current price | 12.04 | |||
| Support | S1 | 9.70 | -19.44% | |
| S2 | 9.59 | -20.35% | ||
| S3 | 9.19 | -23.67% |
SOUHY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Apr 04, 2024 | $0.0184 | 0.179% |
| 2 | Aug 28, 2023 | Sep 14, 2023 | Oct 12, 2023 | $0.160 | 1.48% |
| 3 | May 27, 2023 | Mar 09, 2023 | Apr 06, 2023 | $0.245 | 1.73% |
| 4 | Aug 25, 2022 | Sep 15, 2022 | Oct 13, 2022 | $0.150 | 1.24% |
| 5 | Mar 05, 2022 | Mar 10, 2022 | Apr 07, 2022 | $0.435 | 2.31% |
FAQ
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