Africa Oil Corp Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Africa Oil Corp stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)
The Africa Oil Corp stock price gained 1.24% on the last trading day (Friday, 28th Jun 2024), rising from $2.41 to $2.44. During the last trading day the stock fluctuated 1.23% from a day low at $2.44 to a day high of $2.47. The price has risen in 5 of the last 10 days and is up by 5.17% 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, 142 thousand more shares were traded than the day before. In total, 377 thousand shares were bought and sold for approximately $919.24 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.34% during the next 3 months and, with a 90% probability hold a price between $2.22 and $2.53 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
AOI.TO Signals & Forecast
The Africa Oil Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $2.42 and $2.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 2.09%. Further rise is indicated until a new top pivot has been found. Africa Oil Corp has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Africa Oil Corp stock
Africa Oil Corp finds support from accumulated volume at $2.41 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 $0.0300 between high and low, or 1.23%. For the last week, the stock has had daily average volatility of 3.16%.
Our recommended stop-loss: $2.31 (-5.39%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (AOI.TO) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect Africa Oil Corp to open at $2.45, and during the day (based on 14 day Average True Range), to move between $2.36 and $2.52, which gives a possible trading interval of +/-$0.0770 (+/-3.16%) up or down from last closing price. If Africa Oil Corp takes out the full calculated possible swing range there will be an estimated 6.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.45 (0.41%) than the support at $2.41 (1.23%), 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 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 Sell to a Buy candidate.
Current score: 1.482 Buy Candidate Upgraded
Predicted Opening Price for Africa Oil Corp of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| $2.45 ( 0.410%) | $2.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AOI.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.48 | 1.64% |
| R2 | 2.47 | 1.17% |
| R1 | 2.46 | 0.88% |
| Price | 2.44 | |
| S1 | 2.44 | -0.0598% |
| S2 | 2.43 | -0.350% |
| S3 | 2.42 | -0.82% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.50 | 2.46% |
| R2 | 2.46 | 0.82% |
| R1 | 2.45 | 0.410% |
| Price | 2.44 | |
| S1 | 2.41 | -1.23% |
| S2 | 2.36 | -3.28% |
| S3 | 2.32 | -4.92% |
AOI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 28, 2024 | $0.0338 | 1.43% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Sep 29, 2023 | $0.0342 | 1.25% |
| 3 | Mar 10, 2023 | Mar 10, 2023 | Mar 31, 2023 | $0.0350 | 1.16% |
| 4 | Sep 08, 2022 | Sep 08, 2022 | Mar 31, 2023 | $0.0330 | 1.09% |
| 5 | Feb 28, 2022 | Mar 16, 2022 | Mar 31, 2022 | $0.0320 | 1.43% |
FAQ
Click here for our free guide on how to buy Africa Oil Corp Stock.
