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High volatility in Orbital Energy Group Inc. stock price on Wednesday which ended trading at $5.26

StockInvest.us, 6 months ago


The Orbital Energy Group Inc. stock price fell by -31.15% on the last day (Wednesday, 2nd Jun 2021) from $7.64 to $5.26. During the day the stock fluctuated 35.84% from a day low at $5.19 to a day high of $7.05. The price has risen in 6 of the last 10 days and is up by 48.17% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -187 million shares and in total, 41 million shares were bought and sold for approximately $216.56 million.

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.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -25.93% during the next 3 months and, with a 90% probability hold a price between $1.75 and $5.63 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 $4.20 and $3.91. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 Tuesday, June 01, 2021, and so far it has fallen -31.15%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Orbital Energy Group Inc. finds support from accumulated volume at $5.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $1.86 between high and low, or 35.84%. For the last week, the stock has had a daily average volatility of 21.68%.

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.