Barrel Energy Inc Stock Forecast
High volatility in Barrel Energy Inc stock price on Thursday which ended trading at $0.0058
(Updated on May 02, 2024)
The Barrel Energy Inc stock price gained 11.54% on the last trading day (Thursday, 2nd May 2024), rising from $0.0052 to $0.0058. During the last trading day the stock fluctuated 15.38% from a day low at $0.0052 to a day high of $0.0060. The price has fallen in 6 of the last 10 days and is down by -30.12% for this period. Volume fell on the last day by -2 million shares and in total, 403 thousand shares were bought and sold for approximately $2.34 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0051 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -43.74% during the next 3 months and, with a 90% probability hold a price between $0.0028 and $0.0060 at the end of this 3-month period.
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BRLL Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 11.54%. 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 Barrel Energy Inc 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 $0.0062 and $0.0080. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Barrel Energy Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0052. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0008 between high and low, or 15.38%. For the last week the stock has had daily average volatility of 17.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BRLL) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Barrel Energy Inc to open at $0.0057, and during the day (based on 14 day Average True Range), to move between $0.0047 and $0.0069, which gives a possible trading interval of +/-$0.0011 (+/-18.75%) up or down from last closing price. If Barrel Energy Inc takes out the full calculated possible swing range there will be an estimated 37.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0060 (3.45%) than the support at $0.0052 (10.34%), 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.
Earnings coming up
Barrel Energy Inc will release earnings BMO on Wednesday, May 08, 2024. We will update the financials statements for Barrel Energy Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 16.15% in the first trading day after earnings release.
Is Barrel Energy Inc stock A Buy?
Barrel Energy Inc holds several negative signals and is within a very 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.882 Sell Candidate Upgraded
Predicted Opening Price for Barrel Energy Inc of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.0057 ( 2.30%) | $0.0058 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRLL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0065 | 11.49 % | |
| R2 | 0.0062 | 6.23 % | ||
| R1 | 0.0060 | 2.97 % | ||
| Current price: | 0.0058 | |||
| Support | S1 | 0.0054 | -7.57 % | |
| S2 | 0.0052 | -10.82 % | ||
| S3 | 0.0049 | -16.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0071 | 22.41 % | |
| R2 | 0.0061 | 5.17 % | ||
| R1 | 0.0060 | 3.45 % | ||
| Current price | 0.0058 | |||
| Support | S1 | 0.0052 | -10.34% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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