Suncorp Group Limited Stock Forecast

Suncorp Group Limited stock upgraded to Buy Candidate.
(Updated on May 20, 2024)

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 $16.23. 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 Tuesday, April 30, 2024, and so far it has fallen -2.17%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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 1.29%. For the last week the stock has had daily average volatility of 1.06%.

Our recommended stop-loss: $15.55 (-4.39%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)

Trading Expectations (SUN.AX) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Suncorp Group Limited to open at $16.32, and during the day (based on 14 day Average True Range), to move between $16.01 and $16.51, which gives a possible trading interval of +/-$0.250 (+/-1.54%) up or down from last closing price. If Suncorp Group Limited takes out the full calculated possible swing range there will be an estimated 3.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $16.31 (0.31%) than the support at $16.16 (0.62%), 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.018 Buy Candidate Upgraded

Predicted Opening Price for Suncorp Group Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.