Sonoco Products Company Stock Forecast
Sonoco Products Company stock price ended at $55.79 on Wednesday, after losing 0.659%.
(Updated on Apr 17, 2024)
The Sonoco Products Company stock price fell by -0.659% on the last day (Wednesday, 17th Apr 2024) from $56.16 to $55.79. During the last trading day the stock fluctuated 1.56% from a day low at $55.76 to a day high of $56.63. The price has fallen in 6 of the last 10 days and is down by -2.04% for this period. Volume has increased on the last day by 39 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 381 thousand shares were bought and sold for approximately $21.24 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $55.42 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Sonoco Products Company stock with a 90% probability to be traded between $55.12 and $57.99 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SON Signals & Forecast
There are few to no technical positive signals at the moment. The Sonoco Products Company 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 $56.87 and $57.04. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -4.35%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A buy signal from a double bottom formation was found on Friday, February 16, 2024 and based on theory for this formation the price should go up by 3.46% to $57.72 within 3 trading days since signal was issued (Thursday, April 18, 2024).
Support, Risk & Stop-loss for Sonoco Products Company stock
Sonoco Products Company finds support from accumulated volume at $55.65 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 $0.87 between high and low, or 1.56%. For the last week the stock has had daily average volatility of 1.51%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SON) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Sonoco Products Company to open at $56.06, and during the day (based on 14 day Average True Range), to move between $54.89 and $56.69, which gives a possible trading interval of +/-$0.90 (+/-1.61%) up or down from last closing price. If Sonoco Products Company takes out the full calculated possible swing range there will be an estimated 3.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $55.89 (0.18%) than the support at $55.65 (0.25%), 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 Sonoco Products Company stock A Buy?
Sonoco Products Company holds several negative signals and is within a 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.
Current score: -4.057 Sell Candidate Unchanged
Predicted Opening Price for Sonoco Products Company of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $56.06 ( 0.484%) | $55.79 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.93 | 2.04 % | |
| R2 | 56.60 | 1.45 % | ||
| R1 | 56.39 | 1.08 % | ||
| Current price: | 55.79 | |||
| Support | S1 | 55.73 | -0.112 % | |
| S2 | 55.52 | -0.480 % | ||
| S3 | 55.19 | -1.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.21 | 2.55 % | |
| R2 | 56.95 | 2.08 % | ||
| R1 | 55.89 | 0.179 % | ||
| Current price | 55.79 | |||
| Support | S1 | 55.65 | -0.251% | |
| S2 | 55.64 | -0.269% | ||
| S3 | 0 | . |
SON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 14, 2024 | Feb 27, 2024 | Mar 08, 2024 | $0.510 | 0.89% |
| 2 | Oct 17, 2023 | Nov 10, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 3 | Oct 17, 2023 | Nov 09, 2023 | Dec 08, 2023 | $0.510 | 0.94% |
| 4 | Jul 19, 2023 | Aug 09, 2023 | Sep 08, 2023 | $0.510 | 0.93% |
| 5 | Apr 19, 2023 | May 09, 2023 | Jun 09, 2023 | $0.510 | 0.81% |
FAQ
Click here for our free guide on how to buy Sonoco Products Company Stock.
