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Sony Stock Holds Uptrend Support But Faces Hurdles

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Aayush Jindal

Key Highlights

  • Sony stock price is facing a major hurdle near the ¥13,220 zone.
  • A key bullish trend line is forming with support near ¥12,975 on the 4-hour chart.
  • Sony’s sales increased 8% in Q2 FY2023 (Year-on-year change).
  • The operating income declined 29% (-106.4 bln yen) in Q2 FY2023.

Sony Price Analysis

In the past few days, Sony (TYO: 6758) followed a bullish path from the ¥12,500 support. It climbed above ¥12,750 and ¥13,000 to move into a positive zone.

Recently, the company published its earnings report for Q2 FY2023. Sales increased 8%, with significant increases in G&NS, Pictures, and Music segments sales. However, the company reported significant decreases in the financial Services, I&SS, and ET&S segments operating income.

Looking at the 4-hour chart of Sony stock, there was a decent increase above the ¥13,000 level. There is also a key bullish trend line forming with support near ¥12,975.

However, the bears seem to be active near the ¥13,150 level. The next key resistance is near the ¥13,220 level. A clear move above the ¥13,220 level might send the price toward the ¥13,450 level. A close above the ¥13,450 level could set the pace for a larger increase. In the stated case, there could be a move toward the ¥14,000 level.

If not, Sony stock price might correct lower below the trend line support. The next major support is near the ¥12,850 level, below which the price could drop toward ¥12,500. Any more losses might send the price toward the ¥12,050 level.

Economic Releases

  • UK Consumer Price Index for Nov 2023 (YoY) – Forecast +4.4%, versus +4.6% previous.
  • UK Core Consumer Price Index for Nov 2023 (YoY) – Forecast +5.6%, versus +5.7% previous.
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