Carnarvon Petroleum Limited Stock Forecast
Carnarvon Petroleum Limited stock price up 2.50% on Wednesday
(Updated on Jul 03, 2024)
The Carnarvon Petroleum Limited stock price gained 2.50% on the last trading day (Wednesday, 3rd Jul 2024), rising from $0.200 to $0.205. During the last trading day the stock fluctuated 5.13% from a day low at $0.195 to a day high of $0.205. 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 along with the price, which is a positive technical sign, and, in total, 718 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $367.22 thousand.
The stock lies in the middle of a wide and weak 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 3.30% during the next 3 months and, with a 90% probability hold a price between $0.193 and $0.237 at the end of this 3-month period.
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CVN.AX Signals & Forecast
Mostly positive signals in the chart today. The Carnarvon Petroleum Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.199 and $0.205. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 10.81%. 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). Carnarvon 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. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Carnarvon Petroleum Limited stock
Carnarvon Petroleum Limited finds support from accumulated volume at $0.200 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 $0.0100 between high and low, or 5.13%. For the last week, the stock has had daily average volatility of 3.51%.
Our recommended stop-loss: $0.197 (-3.88%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (CVN.AX) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Carnarvon Petroleum Limited to open at $0.202, and during the day (based on 14 day Average True Range), to move between $0.197 and $0.213, which gives a possible trading interval of +/-$0.0081 (+/-3.94%) up or down from last closing price. If Carnarvon Petroleum Limited takes out the full calculated possible swing range there will be an estimated 7.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.200 (2.44%) than the resistance at $0.210 (2.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Carnarvon 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 Carnarvon Petroleum Limited stock to perform well in the short-term.
Current score: 1.996 Buy Candidate Unchanged
Predicted Opening Price for Carnarvon Petroleum Limited of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| $0.202 ( 1.63%) | $0.205 |
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 | |
|---|---|---|
| R3 | 0.212 | 3.25% |
| R2 | 0.208 | 1.39% |
| R1 | 0.205 | 0.237% |
| Price | 0.205 | |
| S1 | 0.198 | -3.49% |
| S2 | 0.195 | -4.64% |
| S3 | 0.192 | -6.50% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.220 | 7.32% |
| R2 | 0.215 | 4.88% |
| R1 | 0.210 | 2.44% |
| Price | 0.205 | |
| S1 | 0.200 | -2.44% |
| S2 | 0.195 | -4.88% |
| S3 | 0.190 | -7.32% |
FAQ
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