Africa Oil Corp. Stock Forecast
Stronger technical forecast for Africa Oil Corp. stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Africa Oil Corp. stock price gained 0.95% on the last trading day (Tuesday, 2nd Jul 2024), rising from kr19.02 to kr19.20. During the last trading day the stock fluctuated 1.63% from a day low at kr19.02 to a day high of kr19.33. The price has been going up and down for this period, and there has been a 7.2% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 thousand more shares were traded than the day before. In total, 384 thousand shares were bought and sold for approximately kr7.38 million.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at kr19.39 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -5.90% during the next 3 months and, with a 90% probability hold a price between kr16.66 and kr18.25 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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AOI.ST Signals & Forecast
Mostly positive signals in the chart today. The Africa Oil Corp. 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 kr18.91 and kr18.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 7.20%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Africa Oil Corp. stock
Africa Oil Corp. finds support from accumulated volume at kr19.04 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved kr0.310 (1.63%) between high and low. For the last week, the stock has had daily average volatility of 2.34%.
Our recommended stop-loss: kr18.45 (-3.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 41 days ago.)
Trading Expectations (AOI.ST) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Africa Oil Corp. to open at kr19.18, and during the day (based on 14 day Average True Range), to move between kr18.68 and kr19.72, which gives a possible trading interval of +/-kr0.517 (+/-2.69%) up or down from last closing price. If Africa Oil Corp. takes out the full calculated possible swing range there will be an estimated 5.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr19.04 (0.83%) than the resistance at kr19.43 (1.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Africa Oil Corp. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.372 Buy Candidate Upgraded
Predicted Opening Price for Africa Oil Corp. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| kr19.18 ( 0.0868%) | kr19.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AOI.ST
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 19.49 | 1.53% |
| R2 | 19.37 | 0.91% |
| R1 | 19.30 | 0.530% |
| Price | 19.20 | |
| S1 | 19.06 | -0.704% |
| S2 | 18.99 | -1.08% |
| S3 | 18.87 | -1.70% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.10 | 4.69% |
| R2 | 19.72 | 2.71% |
| R1 | 19.43 | 1.20% |
| Price | 19.20 | |
| S1 | 19.04 | -0.83% |
| S2 | 18.95 | -1.30% |
| S3 | 18.57 | -3.28% |
AOI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 28, 2024 | kr0.259 | 1.37% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Sep 29, 2023 | kr0.278 | 1.24% |
| 3 | Mar 10, 2023 | Mar 10, 2023 | Mar 10, 2023 | kr0.0250 | 0.107% |
| 4 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | kr0.0250 | 0.126% |
| 5 | Mar 16, 2022 | Mar 16, 2022 | Mar 16, 2022 | kr0.0250 | 0.153% |
FAQ
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