Carnarvon Petroleum Limited Stock Forecast

Carnarvon Petroleum Limited stock price ended at $0.185 on Friday, after losing 2.63%.
(Updated on May 03, 2024)

CVN.AX Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has fallen 0%. 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 Carnarvon Petroleum Limited 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 $0.189 and $0.192. 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). 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 $0.180 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 $0.0050 (2.70%) between high and low. For the last week, the stock has had daily average volatility of 2.67%.

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 6th

For the upcoming trading day on Monday, 6th we expect Carnarvon Petroleum Limited to open at $0.187, and during the day (based on 14 day Average True Range), to move between $0.178 and $0.192, which gives a possible trading interval of +/-$0.0067 (+/-3.62%) up or down from last closing price. If Carnarvon Petroleum Limited takes out the full calculated possible swing range there will be an estimated 7.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.190 (2.70%) than the support at $0.180 (2.70%), 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: -2.379 Sell Candidate Unchanged

Predicted Opening Price for Carnarvon Petroleum Limited of Monday, May 6, 2024

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