Sinclair Broadcast Group Stock Forecast
Evaluation of Sinclair Broadcast Group stock downgraded after the last trading session.
(Updated on Apr 17, 2024)
The Sinclair Broadcast Group stock price fell by -2.00% on the last day (Wednesday, 17th Apr 2024) from $12.02 to $11.78. During the last trading day the stock fluctuated 4.66% from a day low at $11.70 to a day high of $12.24. The price has fallen in 6 of the last 10 days and is down by -10.01% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -71 thousand shares and in total, 274 thousand shares were bought and sold for approximately $3.23 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -26.21% during the next 3 months and, with a 90% probability hold a price between $6.99 and $9.75 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
SBGI Signals & Forecast
There are few to no technical positive signals at the moment. The Sinclair Broadcast Group stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $12.05 and $12.79. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -12.55%. 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). 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 Sinclair Broadcast Group stock
Sinclair Broadcast Group finds support from accumulated volume at $11.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.545 between high and low, or 4.66%. For the last week, the stock has had daily average volatility of 3.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SBGI) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Sinclair Broadcast Group to open at $11.91, and during the day (based on 14 day Average True Range), to move between $11.14 and $12.42, which gives a possible trading interval of +/-$0.642 (+/-5.45%) up or down from last closing price. If Sinclair Broadcast Group takes out the full calculated possible swing range there will be an estimated 10.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.63 (1.27%) than the resistance at $12.52 (6.28%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sinclair Broadcast Group stock A Buy?
Sinclair Broadcast Group holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Sell candidate.
Current score: -5.119 Strong Sell Candidate Downgraded
Predicted Opening Price for Sinclair Broadcast Group of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $11.91 ( 1.06%) | $11.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SBGI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.45 | 5.69 % | |
| R2 | 12.24 | 3.92 % | ||
| R1 | 12.11 | 2.83 % | ||
| Current price: | 11.78 | |||
| Support | S1 | 11.70 | -0.706 % | |
| S2 | 11.57 | -1.80 % | ||
| S3 | 11.36 | -3.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.11 | 11.29 % | |
| R2 | 12.76 | 8.32 % | ||
| R1 | 12.52 | 6.28 % | ||
| Current price | 11.78 | |||
| Support | S1 | 11.63 | -1.27% | |
| S2 | 11.57 | -1.78% | ||
| S3 | 11.54 | -2.04% |
SBGI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 08, 2024 | Mar 08, 2024 | Mar 08, 2024 | $0 | 0% |
| 2 | Nov 01, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.250 | 1.92% |
| 3 | Aug 06, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.250 | 2.04% |
| 4 | May 03, 2023 | May 26, 2023 | Jun 15, 2023 | $0.250 | 1.77% |
| 5 | May 28, 2023 | Mar 02, 2023 | Mar 17, 2023 | $0.250 | 1.98% |
FAQ
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