AFRICA OIL CORP. Stock Forecast
Red day on Friday for AFRICA OIL CORP.
(Updated on Jun 21, 2024)
The AFRICA OIL CORP. stock price fell by -0.585% on the last day (Friday, 21st Jun 2024) from $1.71 to $1.70. During the last trading day the stock fluctuated 0.592% from a day low at $1.69 to a day high of $1.70. The price has fallen in 4 of the last 10 days and is down by -6.08% for this period. Volume has increased on the last day by 37 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 57 thousand shares were bought and sold for approximately $96.05 thousand.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $1.69 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect AFRICA OIL CORP. stock with a 90% probability to be traded between $1.67 and $1.87 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AOIFF Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 0.592%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The AFRICA OIL CORP. 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 $1.72 and $1.78. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). AFRICA OIL CORP. 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 AFRICA OIL CORP. stock
AFRICA OIL CORP. finds support from accumulated volume at $1.69 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 $0.0100 between high and low, or 0.592%. For the last week, the stock has had daily average volatility of 0.83%.
AFRICA OIL CORP. is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AOIFF) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect AFRICA OIL CORP. to open at $1.70, and during the day (based on 14 day Average True Range), to move between $1.66 and $1.74, which gives a possible trading interval of +/-$0.0391 (+/-2.30%) up or down from last closing price. If AFRICA OIL CORP. takes out the full calculated possible swing range there will be an estimated 4.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.69 (0.59%) than the resistance at $1.73 (1.47%), 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?
AFRICA OIL CORP. holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.199 Sell Candidate Unchanged
Predicted Opening Price for AFRICA OIL CORP. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $1.70 ( 0.196%) | $1.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AOIFF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.71 | 0.392% |
| R2 | 1.70 | 0.167% |
| R1 | 1.70 | 0.0286% |
| Price | 1.70 | |
| S1 | 1.69 | -0.421% |
| S2 | 1.69 | -0.560% |
| S3 | 1.69 | -0.784% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.74 | 2.35% |
| R2 | 1.74 | 2.06% |
| R1 | 1.73 | 1.47% |
| Price | 1.70 | |
| S1 | 1.69 | -0.588% |
| S2 | 1.68 | -1.18% |
| S3 | 0 | - |
AOIFF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Mar 28, 2024 | $0.0250 | 1.42% |
| 2 | Aug 15, 2023 | Sep 07, 2023 | Sep 29, 2023 | $0.0250 | 1.24% |
| 3 | Mar 04, 2023 | Mar 10, 2023 | Mar 31, 2023 | $0.0250 | 1.11% |
| 4 | Sep 02, 2022 | Sep 08, 2022 | Mar 31, 2023 | $0.0250 | 1.11% |
| 5 | Mar 15, 2022 | Mar 16, 2022 | Mar 31, 2022 | $0.0250 | 1.40% |
FAQ
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