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Ovintiv Inc. stock price down 2.8% on Thursday

StockInvest.us, 2 weeks ago

StockInvest.us

The Ovintiv Inc. stock price fell by -2.80% on the last day (Thursday, 5th May 2022) from $56.72 to $55.13. During the day the stock fluctuated 8.07% from a day low at $53.30 to a day high of $57.60. The price has been going up and down for this period, and there has been a 2.89% gain for the last 2 weeks. Volume has increased on the last day by 197 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 5 million shares were bought and sold for approximately $254.52 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 35.98% during the next 3 months and, with a 90% probability hold a price between $69.71 and $77.46 at the end of this 3-month period.

Ovintiv Inc.

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 $53.05 and $52.41. 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). 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 -2.80%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Ovintiv Inc. finds support from accumulated volume at $53.84 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 $4.30 between high and low, or 8.07%. For the last week, the stock has had a daily average volatility of 6.90%.

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 Inc. forecast and analysis here.