Ecopetrol SA Stock Forecast

Ecopetrol SA stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)

EC Signals & Forecast

There are few to no technical positive signals at the moment. The Ecopetrol SA 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 $11.68 and $11.61. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -4.31%. 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). Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

Support, Risk & Stop-loss for Ecopetrol SA stock

Ecopetrol SA finds support from accumulated volume at $11.36 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 $0.130 (1.13%) between high and low. For the last week, the stock has had daily average volatility of 2.20%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EC) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Ecopetrol SA to open at $11.55, and during the day (based on 14 day Average True Range), to move between $11.25 and $11.83, which gives a possible trading interval of +/-$0.292 (+/-2.53%) up or down from last closing price. If Ecopetrol SA takes out the full calculated possible swing range there will be an estimated 5.07% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $11.70 (1.39%) than the support at $11.36 (1.56%), 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 Ecopetrol SA stock A Buy?

Ecopetrol SA 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.703 Sell Candidate Downgraded

Predicted Opening Price for Ecopetrol SA of Monday, May 6, 2024

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