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Sony Stock Signals Downtrend, Gold Price Extend Rally

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Aayush Jindal

Key Highlights

  • Sony stock price started a fresh decline from the ¥14,900 zone.
  • There was a break below a key bullish trend line with support at ¥13,700 on the daily chart.
  • Sony’s sales increased 22% in Q3 FY2023.
  • Gold price rallied further above the $2,160 resistance.

Sony Price Analysis

In the past few days, Sony (TYO: 6758) saw a bearish wave from the ¥14,900 zone. The bears were able to push the price below the ¥14,500 support zone.

In Feb 2024, the company published its earnings report for Q3 FY2023. Sales increased 22%, a record high on a quarterly basis, and consolidated operating income increased 41.8b yen year-on-year to 463.3b yen.

Looking at the daily chart of Sony stock, there was a steady decline below the ¥14,000 level. There was a break below a key bullish trend line with support at ¥13,700. The bears pushed the price below the 50% Fib retracement level of the upward move from the ¥12,042 swing low to the ¥14,905 high.

The bulls are now trying to protect the ¥12,700 zone. It is near the 76.4% Fib retracement level of the upward move from the ¥12,042 swing low to the ¥14,905 high.

A downside break below the ¥12,700 zone could spark strong bearish moves. In the stated case, Sony stock price could drop toward the ¥12,000 zone in the coming days.

On the upside, immediate resistance is near the ¥13,150 zone. The first major resistance is near the ¥13,500 zone. A clear move above the ¥13,500 level might send the price toward the ¥14,000 level. A close above the ¥14,000 level could set the pace for a larger increase. In the stated case, there could be a move toward the ¥15,000 level.

Upcoming Economic Releases to Watch

  • Eurogroup Meeting.
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