Eco (Atlantic) Oil & Gas Ltd. Stock Forecast
Evaluation of Eco (Atlantic) Oil & Gas Ltd. stock downgraded after the last trading session.
(Updated on May 30, 2024)
No changes to the price of Eco (Atlantic) Oil & Gas Ltd. stock on the last trading day (Thursday, 30th May 2024). During the last trading day the stock fluctuated 0% from a day low at $0.207 to a day high of $0.207. The price has risen in 4 of the last 10 days and is up by 18.69% over the past 2 weeks.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.212 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 53.92% during the next 3 months and, with a 90% probability hold a price between $0.208 and $0.327 at the end of this 3-month period.
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ECAOF Signals & Forecast
The Eco (Atlantic) Oil & Gas Ltd. 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 $0.184 and $0.152. A breakdown below any of these levels will issue sell signals. 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 Wednesday, May 29, 2024, and so far it has fallen 0%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Thursday, April 18, 2024 with a target of $0.106. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Eco (Atlantic) Oil & Gas Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.180 and $0.175. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Eco (Atlantic) Oil & Gas Ltd. finds support just below today's level at $0.180. If this is broken, then the next support from accumulated volume will be at $0.175 and $0.160.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 7.88%
Our recommended stop-loss: $0.199 (-3.80%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (ECAOF) For The Upcoming Trading Day Of Friday 31st
For the upcoming trading day on Friday, 31st we expect Eco (Atlantic) Oil & Gas Ltd. to open at $0.207, and during the day (based on 14 day Average True Range), to move between $0.194 and $0.220, which gives a possible trading interval of +/-$0.0132 (+/-6.37%) up or down from last closing price. If Eco (Atlantic) Oil & Gas Ltd. takes out the full calculated possible swing range there will be an estimated 12.75% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.180, some $0.0270 (13.04%) from the current price of $0.207, our system finds the risk reward attractive.
Is Eco (Atlantic) Oil & Gas Ltd. stock A Buy?
Eco (Atlantic) Oil & Gas Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Eco (Atlantic) Oil & Gas Ltd. of Friday, May 31, 2024
| Fair opening price May 31, 2024 | Current price |
|---|---|
| $0.207 ( 0%) | $0.207 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ECAOF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.207 | . | |
| R2 | 0.207 | . | ||
| R1 | 0.207 | . | ||
| Current price: | 0.207 | |||
| Support | S1 | 0.207 | . | |
| S2 | 0.207 | . | ||
| S3 | 0.207 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.207 | |||
| Support | S1 | 0.180 | -13.04% | |
| S2 | 0.175 | -15.46% | ||
| S3 | 0.160 | -22.71% |
FAQ
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