Ecopetrol SA Stock Forecast
Ecopetrol SA stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Mar 28, 2024)
The Ecopetrol SA stock price gained 4.50% on the last trading day (Thursday, 28th Mar 2024), rising from $11.33 to $11.84. During the last trading day the stock fluctuated 3.76% from a day low at $11.44 to a day high of $11.87. The price has risen in 6 of the last 10 days and is up by 9.94% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $46.42 million.
Given the current short-term trend, the stock is expected to fall -10.72% during the next 3 months and, with a 90% probability hold a price between $9.10 and $10.57 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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EC Signals & Forecast
The Ecopetrol SA stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $11.13 and $11.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 08, 2024, and so far it has risen 12.55%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Ecopetrol SA stock
Ecopetrol SA finds support from accumulated volume at $11.36 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.430 between high and low, or 3.76%. For the last week, the stock has had daily average volatility of 2.95%.
The Ecopetrol SA stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $11.38 (-3.91%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (EC) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Ecopetrol SA to open at $11.72, and during the day (based on 14 day Average True Range), to move between $11.54 and $12.14, which gives a possible trading interval of +/-$0.298 (+/-2.52%) up or down from last closing price. If Ecopetrol SA takes out the full calculated possible swing range there will be an estimated 5.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.90 (0.51%) than the support at $11.36 (4.05%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ecopetrol SA stock A Buy?
Ecopetrol SA holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Ecopetrol SA of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$11.72 ( 1.04%) | $11.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.15 | 2.59 % | |
R2 | 11.98 | 1.20 % | ||
R1 | 11.88 | 0.346 % | ||
Current price: | 11.84 | |||
Support | S1 | 11.55 | -2.43 % | |
S2 | 11.45 | -3.28 % | ||
S3 | 11.29 | -4.67 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.25 | 3.46 % | |
R2 | 11.91 | 0.591 % | ||
R1 | 11.90 | 0.507 % | ||
Current price | 11.84 | |||
Support | S1 | 11.36 | -4.05% | |
S2 | 11.03 | -6.84% | ||
S3 | 10.77 | -9.04% |
EC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 26, 2024 | Apr 04, 2024 | Apr 10, 2024 | $0.800 | 6.76% |
2 | Mar 08, 2023 | Dec 19, 2023 | Dec 29, 2023 | $0.83 | 6.96% |
3 | Mar 08, 2023 | Sep 26, 2023 | Dec 29, 2023 | $0.83 | 6.94% |
4 | Mar 08, 2023 | Apr 25, 2023 | May 04, 2023 | $0.83 | 9.56% |
5 | Jun 17, 2022 | Jun 28, 2022 | Jul 08, 2022 | $0.86 | 8.29% |
FAQ
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