SUNOCO INC Stock Forecast
Is SUNOCO INC stock still a buy after falling -5.82% on Wednesday?
(Updated on Mar 27, 2024)
The SUNOCO INC stock price fell by -5.82% on the last day (Wednesday, 27th Mar 2024) from £0.550 to £0.518. During the last trading day the stock fluctuated 0% from a day low at £0.518 to a day high of £0.518. The price has been going up and down for this period, and there has been a -5.82% loss for the last 2 weeks. 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 -515 thousand shares and in total, 95 thousand shares were bought and sold for approximately £49.21 thousand.
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 -6.88% during the next 3 months and, with a 90% probability hold a price between £0.425 and £0.623 at the end of this 3-month period.
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SUN.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 3.60%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SUNOCO INC 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 £0.533 and £0.601. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for SUNOCO INC stock
SUNOCO INC finds support from accumulated volume at £0.500 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 4.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SUN.L) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect SUNOCO INC to open at £0.518, and during the day (based on 14 day Average True Range), to move between £0.476 and £0.560, which gives a possible trading interval of +/-£0.0425 (+/-8.20%) up or down from last closing price. If SUNOCO INC takes out the full calculated possible swing range there will be an estimated 16.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.500 (3.47%) than the resistance at £0.550 (6.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SUNOCO INC stock A Buy?
SUNOCO INC 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 Sell to a Strong Sell candidate.
Current score: -5.425 Strong Sell Candidate Downgraded
Predicted Opening Price for SUNOCO INC of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
£0.518 ( 0%) | £0.518 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUN.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.518 | . | |
R2 | 0.518 | . | ||
R1 | 0.518 | . | ||
Current price: | 0.518 | |||
Support | S1 | 0.518 | . | |
S2 | 0.518 | . | ||
S3 | 0.518 | . |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.639 | 23.26 % | |
R2 | 0.600 | 15.83 % | ||
R1 | 0.550 | 6.18 % | ||
Current price | 0.518 | |||
Support | S1 | 0.500 | -3.47% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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