Central Petroleum Limited Stock Forecast

Green day on Friday for Central Petroleum Limited stock after gaining 4.55%
(Updated on May 17, 2024)

CTP.AX Signals & Forecast

The Central Petroleum 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 $0.0673 and $0.0618. A breakdown below any of these levels will issue sell signals. Central Petroleum Limited 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -1.43%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, March 19, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Central Petroleum Limited stock

Central Petroleum Limited finds support from accumulated volume at $0.0670 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 $0.0040 between high and low, or 6.15%. For the last week, the stock has had daily average volatility of 5.89%.

Our recommended stop-loss: $0.0663 (-3.90%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)

Trading Expectations (CTP.AX) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Central Petroleum Limited to open at $0.0677, and during the day (based on 14 day Average True Range), to move between $0.0653 and $0.0727, which gives a possible trading interval of +/-$0.0037 (+/-5.32%) up or down from last closing price. If Central Petroleum Limited takes out the full calculated possible swing range there will be an estimated 10.63% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0700 (1.45%) than the support at $0.0670 (2.90%), 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 Central Petroleum Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Central Petroleum Limited stock to perform well in the short-term.

Current score: 3.856 Buy Candidate Unchanged

Predicted Opening Price for Central Petroleum Limited of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.