Santos Limited Stock Forecast
Santos Limited stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Santos Limited stock price gained 0.519% on the last trading day (Wednesday, 24th Apr 2024), rising from $7.71 to $7.75. During the last trading day the stock fluctuated 1.49% from a day low at $7.71 to a day high of $7.82. The price has fallen in 6 of the last 10 days but is still up by 0.13% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 8 million shares were bought and sold for approximately $65.25 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.85% during the next 3 months and, with a 90% probability hold a price between $7.46 and $8.30 at the end of this 3-month period.
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STO.AX Signals & Forecast
The Santos 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 $7.74 and $7.58. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -2.27%. 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).
Support, Risk & Stop-loss for Santos Limited stock
Santos Limited finds support from accumulated volume at $7.69 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 $0.115 between high and low, or 1.49%. For the last week the stock has had daily average volatility of 2.42%.
Our recommended stop-loss: $7.41 (-4.44%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (STO.AX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Santos Limited to open at $7.76, and during the day (based on 14 day Average True Range), to move between $7.60 and $7.90, which gives a possible trading interval of +/-$0.151 (+/-1.95%) up or down from last closing price. If Santos Limited takes out the full calculated possible swing range there will be an estimated 3.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.76 (0.13%) than the support at $7.69 (0.77%), 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 Santos Limited stock A Buy?
Santos Limited 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: 0.604 Hold/Accumulate Downgraded
Predicted Opening Price for Santos Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $7.76 ( 0.108%) | $7.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STO.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.87 | 1.59 % | |
| R2 | 7.83 | 1.02 % | ||
| R1 | 7.80 | 0.674 % | ||
| Current price: | 7.75 | |||
| Support | S1 | 7.71 | -0.459 % | |
| S2 | 7.69 | -0.81 % | ||
| S3 | 7.64 | -1.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.85 | 1.29 % | |
| R2 | 7.83 | 1.03 % | ||
| R1 | 7.76 | 0.129 % | ||
| Current price | 7.75 | |||
| Support | S1 | 7.69 | -0.774% | |
| S2 | 7.41 | -4.39% | ||
| S3 | 7.34 | -5.29% |
STO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 26, 2024 | Feb 26, 2024 | Mar 27, 2024 | $0.267 | 3.46% |
| 2 | Feb 27, 2023 | Feb 27, 2023 | Feb 27, 2023 | $0.224 | 3.25% |
| 3 | Aug 22, 2022 | Aug 22, 2022 | Aug 22, 2022 | $0.109 | 1.48% |
| 4 | Feb 21, 2022 | Feb 21, 2022 | Feb 21, 2022 | $0.118 | 1.72% |
| 5 | Aug 20, 2021 | Aug 20, 2021 | Aug 20, 2021 | $0.0769 | 1.30% |
FAQ
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