Athabasca Oil Corporation Stock Forecast
Stronger technical forecast for Athabasca Oil Corporation stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Athabasca Oil Corporation stock price gained 4.27% on the last trading day (Tuesday, 2nd Jul 2024), rising from $3.75 to $3.91. During the last trading day the stock fluctuated 1.56% from a day low at $3.85 to a day high of $3.91. The price has risen in 5 of the last 10 days and is up by 8.31% 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, 3 thousand more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately $15.37 thousand.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $3.99 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Athabasca Oil Corporation stock with a 90% probability to be traded between $3.26 and $3.92 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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ATHOF Signals & Forecast
Mostly positive signals in the chart today. The Athabasca Oil Corporation 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 $3.78 and $3.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 11.08%. 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). Athabasca Oil Corporation 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Athabasca Oil Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.62 and $3.58. 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, Athabasca Oil Corporation finds support just below today's level at $3.62. If this is broken, then the next support from accumulated volume will be at $3.58 and $3.54.
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 $0.0600 between high and low, or 1.56%. For the last week, the stock has had daily average volatility of 1.33%.
Our recommended stop-loss: $3.72 (-4.81%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (ATHOF) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Athabasca Oil Corporation to open at $3.89, and during the day (based on 14 day Average True Range), to move between $3.81 and $4.01, which gives a possible trading interval of +/-$0.0979 (+/-2.50%) up or down from last closing price. If Athabasca Oil Corporation takes out the full calculated possible swing range there will be an estimated 5.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.06 (3.84%) than the support at $3.62 (7.42%), 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 Athabasca Oil Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Athabasca Oil Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.886 Buy Candidate Upgraded
Predicted Opening Price for Athabasca Oil Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $3.89 ( 0.512%) | $3.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ATHOF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.95 | 1.02% |
| R2 | 3.93 | 0.437% |
| R1 | 3.91 | 0.0747% |
| Price | 3.91 | |
| S1 | 3.87 | -1.10% |
| S2 | 3.85 | -1.46% |
| S3 | 3.83 | -2.05% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 4.06 | 3.84% |
| Price | 3.91 | |
| S1 | 3.62 | -7.42% |
| S2 | 3.58 | -8.44% |
| S3 | 3.54 | -9.46% |
FAQ
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