High volatility in Torchlight Energy Resources stock price on Wednesday which ended trading at $4.92StockInvest.us, 2 months ago
The Torchlight Energy Resources stock price fell by -29.71% on the last day (Wednesday, 23rd Jun 2021) from $7.00 to $4.92. and has now fallen 3 days in a row. During the day the stock fluctuated 28.29% from a day low at $4.63 to a day high of $5.94. The price has risen in 6 of the last 10 days and is up by 58.71% 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 -79 million shares and in total, 135 million shares were bought and sold for approximately $665.80 million.
The stock lies in the middle of a very 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 53.58% during the next 3 months and, with a 90% probability hold a price between $5.11 and $15.41 at the end of this 3-month period.
The Torchlight Energy Resources stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $6.37. On a fall, the stock will find some support from the long-term average at approximately $3.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, June 21, 2021, and so far it has fallen -50.40%. 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.
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $1.31 between high and low, or 28.29%. For the last week, the stock has had a daily average volatility of 29.77%.
Torchlight Energy Resources 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.Check full Torchlight Energy Resources forecast and analysis here.