88 Energy Limited Stock Forecast
Volatile ride for 88 Energy Limited stock price on Monday moving between $0.0026 and $0.0030
(Updated on Apr 22, 2024)
The 88 Energy Limited stock price fell by -12.26% on the last day (Monday, 22nd Apr 2024) from $0.0031 to $0.0027. During the last trading day the stock fluctuated 16.28% from a day low at $0.0026 to a day high of $0.0030. The price has fallen in 6 of the last 10 days and is down by -39.56% for this period. Volume has increased on the last day by 2 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, 17 million shares were bought and sold for approximately $46.34 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0027 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.33% during the next 3 months and, with a 90% probability hold a price between $0.0031 and $0.0059 at the end of this 3-month period.
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EEENF Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 2.64%. 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 88 Energy 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 $0.0031 and $0.0039. 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). 88 Energy 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for 88 Energy Limited stock
88 Energy Limited finds support from accumulated volume at $0.0027 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0004 between high and low, or 16.28%. For the last week, the stock has had daily average volatility of 19.65%.
88 Energy Limited is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EEENF) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect 88 Energy Limited to open at $0.0028, and during the day (based on 14 day Average True Range), to move between $0.0021 and $0.0034, which gives a possible trading interval of +/-$0.0007 (+/-24.52%) up or down from last closing price. If 88 Energy Limited takes out the full calculated possible swing range there will be an estimated 49.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0027 (0.74%) than the resistance at $0.0030 (10.29%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is 88 Energy Limited stock A Buy?
The 88 Energy Limited stock holds several negative signals and despite the positive trend, we believe 88 Energy Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.320 Sell Candidate Unchanged
Predicted Opening Price for 88 Energy Limited of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $0.0028 ( 1.72%) | $0.0027 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EEENF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0032 | 17.16 % | |
| R2 | 0.0030 | 11.26 % | ||
| R1 | 0.0029 | 7.61 % | ||
| Current price: | 0.0027 | |||
| Support | S1 | 0.0026 | -4.18 % | |
| S2 | 0.0025 | -7.83 % | ||
| S3 | 0.0023 | -13.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0032 | 15.81 % | |
| R2 | 0.0031 | 13.97 % | ||
| R1 | 0.0030 | 10.29 % | ||
| Current price | 0.0027 | |||
| Support | S1 | 0.0027 | -0.735% | |
| S2 | 0.0027 | -2.57% | ||
| S3 | 0 | . |
FAQ
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