Suncorp Group Limited Stock Forecast
Green day on Thursday for Suncorp Group Limited
(Updated on May 09, 2024)
The Suncorp Group Limited stock price gained 0.491% on the last trading day (Thursday, 9th May 2024), rising from $16.28 to $16.36. During the last trading day the stock fluctuated 1.30% from a day low at $16.20 to a day high of $16.41. The price has been going up and down for this period, and there has been a 0.99% gain for the last 2 weeks. Volume fell on the last day by -451 thousand shares and in total, 2 million shares were bought and sold for approximately $26.51 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 middle of a strong 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 11.60% during the next 3 months and, with a 90% probability hold a price between $17.86 and $18.78 at the end of this 3-month period.
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SUN.AX Signals & Forecast
The Suncorp Group 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 $16.26 and $16.21. 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). 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. 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 Tuesday, April 30, 2024, and so far it has fallen -1.56%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Suncorp Group Limited stock
Suncorp Group Limited finds support from accumulated volume at $16.16 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 $0.210 between high and low, or 1.30%. For the last week the stock has had daily average volatility of 1.46%.
Our recommended stop-loss: $15.74 (-3.81%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (SUN.AX) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Suncorp Group Limited to open at $16.32, and during the day (based on 14 day Average True Range), to move between $16.09 and $16.63, which gives a possible trading interval of +/-$0.270 (+/-1.65%) up or down from last closing price. If Suncorp Group Limited takes out the full calculated possible swing range there will be an estimated 3.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.38 (0.12%) than the support at $16.16 (1.22%), 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 Suncorp Group 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 Suncorp Group Limited stock to perform well in the short-term.
Current score: 3.033 Buy Candidate Unchanged
Predicted Opening Price for Suncorp Group Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $16.32 ( 0.224%) | $16.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUN.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.53 | 1.06 % | |
| R2 | 16.45 | 0.569 % | ||
| R1 | 16.40 | 0.266 % | ||
| Current price: | 16.36 | |||
| Support | S1 | 16.24 | -0.714 % | |
| S2 | 16.19 | -1.02 % | ||
| S3 | 16.11 | -1.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.62 | 1.59 % | |
| R2 | 16.49 | 0.795 % | ||
| R1 | 16.38 | 0.122 % | ||
| Current price | 16.36 | |||
| Support | S1 | 16.16 | -1.22% | |
| S2 | 15.30 | -6.48% | ||
| S3 | 15.29 | -6.54% |
SUN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Feb 29, 2024 | Apr 11, 2024 | $0.340 | 2.09% |
| 2 | Aug 14, 2023 | Aug 14, 2023 | Aug 14, 2023 | $0.270 | 2.05% |
| 3 | Feb 14, 2023 | Feb 14, 2023 | Feb 14, 2023 | $0.330 | 2.61% |
| 4 | Aug 12, 2022 | Aug 12, 2022 | Aug 12, 2022 | $0.170 | 1.53% |
| 5 | Feb 14, 2022 | Feb 14, 2022 | Feb 14, 2022 | $0.230 | 1.96% |
FAQ
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