SiriusPoint Ltd. Stock Forecast
Weaker technical forecast for SiriusPoint Ltd. as stock downgraded to Hold/Accumulate.
(Updated on May 21, 2024)
The SiriusPoint Ltd. stock price gained 2.43% on the last trading day (Tuesday, 21st May 2024), rising from $12.75 to $13.06. During the last trading day the stock fluctuated 2.91% from a day low at $12.71 to a day high of $13.08. The price has risen in 8 of the last 10 days and is up by 7.31% over the past 2 weeks. Volume fell on the last day by -221 thousand shares and in total, 308 thousand shares were bought and sold for approximately $4.02 million. 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 upper part of a wide and weak 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 $13.08 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.62% during the next 3 months and, with a 90% probability hold a price between $12.09 and $13.43 at the end of this 3-month period.
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SPNT Signals & Forecast
The SiriusPoint Ltd. 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 $12.72 and $12.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 12.10%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for SiriusPoint Ltd. stock
SiriusPoint Ltd. finds support from accumulated volume at $12.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.370 (2.91%) between high and low. For the last week, the stock has had daily average volatility of 1.55%.
The SiriusPoint Ltd. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $12.68 (-2.94%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (SPNT) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect SiriusPoint Ltd. to open at $12.95, and during the day (based on 14 day Average True Range), to move between $12.80 and $13.32, which gives a possible trading interval of +/-$0.256 (+/-1.96%) up or down from last closing price. If SiriusPoint Ltd. takes out the full calculated possible swing range there will be an estimated 3.92% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $12.54, some $0.520 (3.98%) from the current price of $13.06, our system finds the risk reward attractive.
Is SiriusPoint Ltd. stock A Buy?
SiriusPoint Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for SiriusPoint Ltd. of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| $12.95 ( 0.84%) | $13.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPNT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.32 | 1.99 % | |
| R2 | 13.18 | 0.91 % | ||
| R1 | 13.09 | 0.240 % | ||
| Current price: | 13.06 | |||
| Support | S1 | 12.81 | -1.92 % | |
| S2 | 12.72 | -2.59 % | ||
| S3 | 12.58 | -3.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 13.06 | |||
| Support | S1 | 12.54 | -3.98% | |
| S2 | 12.21 | -6.51% | ||
| S3 | 12.17 | -6.81% |
SPNT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 13, 2021 | Aug 13, 2021 | Aug 13, 2021 | $0.500 | 5.06% |
FAQ
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