Volatile ride for Torchlight Energy Resources stock price on Friday moving between $5.31 and $6.50

The Torchlight Energy Resources stock price gained 16.11% on the last trading day (Friday, 18th Jun 2021), rising from $5.40 to $6.27. During the day the stock fluctuated 22.53% from a day low at $5.31 to a day high of $6.50. The price has risen in 7 of the last 10 days and is up by 123.93% 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, 8 million more shares were traded than the day before. In total, 73 million shares were bought and sold for approximately $457.20 million.

Given the current short-term trend, the stock is expected to rise 56.43% during the next 3 months and, with a 90% probability hold a price between $4.66 and $9.81 at the end of this 3-month period.

Mostly positive signals in the chart today. The Torchlight Energy Resources 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 $4.63 and $2.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 16, 2021, and so far it has risen 347.86%. 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.

Torchlight Energy Resources finds support from accumulated volume at $5.99 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 $1.20 between high and low, or 22.53%. For the last week, the stock has had a daily average volatility of 23.52%.

The Torchlight Energy Resources stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Torchlight Energy Resources holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.