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Green day on Friday for Ovintiv Inc. stock after gaining 0.89%

StockInvest.us, 4 months ago

Ovintiv

The Ovintiv Inc. stock price gained 0.89% on the last trading day (Friday, 6th May 2022), rising from $55.13 to $55.62. During the day the stock fluctuated 5.27% from a day low at $53.56 to a day high of $56.38. The price has risen in 6 of the last 10 days and is up by 10.6% 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, 419 thousand more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $280.12 million.

Morgan Stanley is very positive about OVV and gave it a "$49.00 - $68.00" rating on Apr 22, 2022. The price target was changed from 50.29 to 6.14.Over the last 90 days, this security got 6 buy, 0 sell, and 2 hold ratings.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 36.38% during the next 3 months and, with a 90% probability hold a price between $70.24 and $78.03 at the end of this 3-month period.

Ovintiv

The Ovintiv Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $53.87 and $52.64. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 04, 2022, and so far it has fallen -1.94%. Further fall is indicated until a new bottom pivot has been found.

Ovintiv Inc. finds support from accumulated volume at $55.13 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 $2.82 between high and low, or 5.27%. For the last week, the stock has had a daily average volatility of 6.73%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Ovintiv Inc. stock to perform well in the short-term.

Check full Ovintiv forecast and analysis here.