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High volatility in Orbital Energy Group Inc. stock price on Tuesday which ended trading at $7.64

StockInvest.us, 5 months ago

StockInvest.us

The Orbital Energy Group Inc. stock price gained 115.21% on the last trading day (Tuesday, 1st Jun 2021), rising from $3.55 to $7.64. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 48.10% from a day low at $5.26 to a day high of $7.79. The price has risen in 7 of the last 10 days and is up by 157.24% 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, 226 million more shares were traded than the day before. In total, 228 million shares were bought and sold for approximately $1.74 billion.

Alliance Global Partners is very positive about OEG and gave it a "Buy" rating on February 22, 2021. The price target was set to $16.50.

Given the current short-term trend, the stock is expected to fall -27.21% during the next 3 months and, with a 90% probability hold a price between $1.72 and $5.56 at the end of this 3-month period.

Orbital Energy Group Inc.

The Orbital Energy Group 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 $3.93 and $3.89. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 162.54%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $6.52 and $6.10.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Orbital Energy Group Inc. finds support just below today's level at $6.52. If this is broken, then the next support from accumulated volume will be at $6.10 and $6.04.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.53 between high and low, or 48.10%. For the last week, the stock has had a daily average volatility of 15.68%.

Orbital Energy Group Inc. 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.

Check full Orbital Energy Group Inc. forecast and analysis here.