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- The bears broke through two supports in one month.
- The stock price is hovering under its demand zone of £1054 after breaking major support levels in the recent past.
- The RSI graph is in an oversold zone, and just like before, it may spike up.
The SN stock price started rising in October 2022 when it hit a support level of £1,002. The bulls started a bullish rally, after rising above a major resistance level of £1054 in late November last year. However one of the major reasons for this bullish rally can be the financial reports, especially the half-yearly ones. The growth in earnings instilled confidence in investors and encouraged them to make strategic investments..
This bullish rally came to an end during May this year, when the stock went to an oversold zone according to the relative strength index. This action caused a sell-off again, and the SN stock price went past its major support of £1188 and then broke another support at £1116 in just a month.
Technical Analysis and Price Prediction
At the time of writing, the SN stock price is trading at the level of £1055 and it is struggling to sustain its immediate support of £1054, while a second support awaits at £1002. These support levels are followed by the resistances that are above the current price actions. The immediate resistance to the bulls is at £1116 while the second support is at the level of £1188.
The indicators are also providing some valuable insights. The RSI indicator is showing a weak strength in the price as it is on the oversold level of 30. However, looking at the history of the RSI graph, the bulls have arrived every time that the prices have hit the oversold level.
Moreover, the MACD line has made a slight bullish crossover with its EMA just on the last day of July. Currently, the MACD line is at the level of -25 while its EMA is down below at -27. Both these lines are seen rising towards the neutral MACD zone of zero.
The 50 EMA made a bearish crossover with the 200 EMA back in the days of this August, after the stock broke its support levels. As of this writing, both the lines are way above the current price action showing no interest in an interaction shortly.
What is the price prediction of SN stock?
The price prediction for SN stock remains bullish, supported by historical RSI trends and the recent MACD crossover. A conservative trade approach would involve targeting the immediate resistance zone. However, if a downturn occurs and the price falls below the £1054 support level, a short position could be considered, with a target in the vicinity of £1002, representing the second demand zone.
Technical Levels
Support: £1053, £1002
Resistance: £1116, £1188
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
