Chariot Oil & Gas Limited Stock Forecast
Stronger technical forecast for Chariot Oil & Gas Limited stock price after Thursday trading.
(Updated on May 02, 2024)
The Chariot Oil & Gas Limited stock price gained 0.223% on the last trading day (Thursday, 2nd May 2024), rising from £8.98 to £9.00. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 8.17% from a day low at £8.69 to a day high of £9.40. The price has been going up and down for this period, and there has been a -0.66% loss for the last 2 weeks. Volume fell on the last day by -4 million shares and in total, 8 million shares were bought and sold for approximately £74.46 million. 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 middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.93% during the next 3 months and, with a 90% probability hold a price between £8.93 and £11.29 at the end of this 3-month period.
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CHAR.L Signals & Forecast
The Chariot Oil & Gas Limited 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 £8.70 and £8.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 6.51%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Chariot Oil & Gas Limited stock
Chariot Oil & Gas Limited finds support from accumulated volume at £8.98 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 £0.710 between high and low, or 8.17%. For the last week, the stock has had daily average volatility of 6.68%.
Our recommended stop-loss: £8.66 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (CHAR.L) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Chariot Oil & Gas Limited to open at £9.03, and during the day (based on 14 day Average True Range), to move between £8.40 and £9.60, which gives a possible trading interval of +/-£0.601 (+/-6.68%) up or down from last closing price. If Chariot Oil & Gas Limited takes out the full calculated possible swing range there will be an estimated 13.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £8.98 (0.22%) than the resistance at £9.38 (4.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chariot Oil & Gas Limited stock A Buy?
Chariot Oil & Gas Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.014 Strong Buy Candidate Upgraded
Predicted Opening Price for Chariot Oil & Gas Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| £9.03 ( 0.333%) | £9.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHAR.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.74 | 8.22 % | |
| R2 | 9.47 | 5.21 % | ||
| R1 | 9.30 | 3.35 % | ||
| Current price: | 9.00 | |||
| Support | S1 | 8.76 | -2.68 % | |
| S2 | 8.59 | -4.54 % | ||
| S3 | 8.32 | -7.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.84 | 9.33 % | |
| R2 | 9.50 | 5.56 % | ||
| R1 | 9.38 | 4.22 % | ||
| Current price | 9.00 | |||
| Support | S1 | 8.98 | -0.222% | |
| S2 | 8.90 | -1.11% | ||
| S3 | 8.68 | -3.56% |
FAQ
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