PT Adaro Energy Tbk Stock Forecast

Is PT Adaro Energy Tbk stock still a buy after falling -5.44% on Tuesday?
(Updated on Jun 25, 2024)

ADOOY Signals & Forecast

There are few to no technical positive signals at the moment. The PT Adaro Energy Tbk stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $8.44 and $8.84. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 06, 2024, and so far it has fallen -19.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). PT Adaro Energy Tbk gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for PT Adaro Energy Tbk stock

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 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 $0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 1.45%.

Our recommended stop-loss: $7.59 (-5.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (ADOOY) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect PT Adaro Energy Tbk to open at $8.00, and during the day (based on 14 day Average True Range), to move between $7.72 and $8.28, which gives a possible trading interval of +/-$0.279 (+/-3.48%) up or down from last closing price. If PT Adaro Energy Tbk takes out the full calculated possible swing range there will be an estimated 6.97% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $8.22, some $0.220 (2.75%) from the current price of $8.00, our system finds the risk reward not very attractive.

Is PT Adaro Energy Tbk stock A Buy?

PT Adaro Energy Tbk holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for PT Adaro Energy Tbk of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.