Africa Energy Corp. Stock Forecast
Weaker technical forecast for Africa Energy Corp. as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)
No changes to the price of Africa Energy Corp. stock on the last trading day (Friday, 17th May 2024). During the last trading day the stock fluctuated 0% from a day low at $0.0950 to a day high of $0.0950. The price has been going up and down for this period, and there has been a -5% loss for the last 2 weeks.
The stock lies in the middle of a very wide and weak 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 4.15% during the next 3 months and, with a 90% probability hold a price between $0.0688 and $0.110 at the end of this 3-month period.
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AFE.V Signals & Forecast
The Africa Energy Corp. 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 $0.0979. On a fall, the stock will find some support from the long-term average at approximately $0.0856. 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. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. 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. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Africa Energy Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0900 and $0.0850. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Africa Energy Corp. finds support just below today's level at $0.0900. If this is broken, then the next support from accumulated volume will be at $0.0850 and $0.0800.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock 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 1.05%
Our recommended stop-loss: $0.0894 (-5.88%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (AFE.V) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Africa Energy Corp. to open at $0.0950, and during the day (based on 14 day Average True Range), to move between $0.0902 and $0.0998, which gives a possible trading interval of +/-$0.0048 (+/-5.03%) up or down from last closing price. If Africa Energy Corp. takes out the full calculated possible swing range there will be an estimated 10.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.100 (5.26%) than the support at $0.0900 (5.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Africa Energy Corp. stock A Buy?
Africa Energy Corp. 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.
Current score: 0.000 Hold/Accumulate Downgraded
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 Africa Energy Corp. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.0950 ( 0.00000000%) | $0.0950 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AFE.V
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0950 | 0.00000000 % | |
| R2 | 0.0950 | 0.00000000 % | ||
| R1 | 0.0950 | 0.00000000 % | ||
| Current price: | 0.0950 | |||
| Support | S1 | 0.0950 | 0.00000000 % | |
| S2 | 0.0950 | 0.00000000 % | ||
| S3 | 0.0950 | 0.00000000 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.105 | 10.53 % | ||
| R1 | 0.100 | 5.26 % | ||
| Current price | 0.0950 | |||
| Support | S1 | 0.0900 | -5.26% | |
| S2 | 0.0850 | -10.53% | ||
| S3 | 0.0800 | -15.79% |
FAQ
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