Sona Nanotech Inc. Stock Forecast

Evaluation of Sona Nanotech Inc. stock downgraded after the last trading session.
(Updated on Apr 23, 2024)

SONA.CN Signals & Forecast

There are mixed signals in the stock today. The Sona Nanotech Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.422. On a fall, the stock will find some support from the short-term average at $0.387. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -20.75%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Sona Nanotech Inc. stock

Sona Nanotech Inc. finds support from accumulated volume at $0.415 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 5.76%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SONA.CN) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Sona Nanotech Inc. to open at $0.420, and during the day (based on 14 day Average True Range), to move between $0.378 and $0.462, which gives a possible trading interval of +/-$0.0420 (+/-10.01%) up or down from last closing price. If Sona Nanotech Inc. takes out the full calculated possible swing range there will be an estimated 20.02% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.415 (1.19%) than the resistance at $0.440 (4.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Sona Nanotech Inc. stock A Buy?

Sona Nanotech Inc. holds several negative signals and we believe that 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 Sell candidate.

Current score: -3.243 Sell Candidate Downgraded

Predicted Opening Price for Sona Nanotech Inc. of Wednesday, April 24, 2024

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