Carnarvon Petroleum Limited Stock Forecast
Red day on Friday for Carnarvon Petroleum Limited
(Updated on Apr 19, 2024)
The Carnarvon Petroleum Limited stock price fell by -2.56% on the last day (Friday, 19th Apr 2024) from $0.195 to $0.190. During the last trading day the stock fluctuated 5.26% from a day low at $0.190 to a day high of $0.200. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks. Volume has increased on the last day by 4 million 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, 6 million shares were bought and sold for approximately $1.09 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.89% during the next 3 months and, with a 90% probability hold a price between $0.171 and $0.199 at the end of this 3-month period.
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CVN.AX Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Carnarvon Petroleum Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.196 and $0.192. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -5.00%. Further fall is indicated until a new bottom pivot has been found. Carnarvon Petroleum Limited 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".
Support, Risk & Stop-loss for Carnarvon Petroleum Limited stock
Carnarvon Petroleum Limited finds support from accumulated volume at $0.185 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.0100 (5.26%) between high and low. For the last week, the stock has had daily average volatility of 3.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CVN.AX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Carnarvon Petroleum Limited to open at $0.193, and during the day (based on 14 day Average True Range), to move between $0.184 and $0.196, which gives a possible trading interval of +/-$0.0059 (+/-3.13%) up or down from last closing price. If Carnarvon Petroleum Limited takes out the full calculated possible swing range there will be an estimated 6.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.195 (2.63%) than the support at $0.185 (2.63%), 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 Carnarvon Petroleum Limited stock A Buy?
Carnarvon Petroleum Limited 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: -2.824 Sell Candidate Unchanged
Predicted Opening Price for Carnarvon Petroleum Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.193 ( 1.75%) | $0.190 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVN.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.203 | 7.02 % | |
| R2 | 0.200 | 5.01 % | ||
| R1 | 0.197 | 3.76 % | ||
| Current price: | 0.190 | |||
| Support | S1 | 0.190 | -0.256 % | |
| S2 | 0.187 | -1.50 % | ||
| S3 | 0.183 | -3.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.205 | 7.89 % | |
| R2 | 0.200 | 5.26 % | ||
| R1 | 0.195 | 2.63 % | ||
| Current price | 0.190 | |||
| Support | S1 | 0.185 | -2.63% | |
| S2 | 0.180 | -5.26% | ||
| S3 | 0 | . |
FAQ
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