State Gas Limited Stock Forecast
Evaluation of State Gas Limited stock downgraded after the last trading session.
(Updated on May 03, 2024)
The State Gas Limited stock price gained 4.17% on the last trading day (Friday, 3rd May 2024), rising from $0.120 to $0.125. During the last trading day the stock fluctuated 4.17% from a day low at $0.120 to a day high of $0.125. The price has been going up and down for this period, and there has been a 4.17% gain 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, 18 thousand more shares were traded than the day before. In total, 114 thousand shares were bought and sold for approximately $14.25 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -26.01% during the next 3 months and, with a 90% probability hold a price between $0.0705 and $0.104 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GAS.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 19.05%. Further rise is indicated until a new top pivot has been found. State Gas 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The State Gas Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.128. On a fall, the stock will find some support from the short-term average at $0.118. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for State Gas Limited stock
State Gas Limited finds support from accumulated volume at $0.120 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 $0.0050 between high and low, or 4.17%. For the last week, the stock has had daily average volatility of 4.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GAS.AX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect State Gas Limited to open at $0.123, and during the day (based on 14 day Average True Range), to move between $0.117 and $0.133, which gives a possible trading interval of +/-$0.0079 (+/-6.35%) up or down from last closing price. If State Gas Limited takes out the full calculated possible swing range there will be an estimated 12.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.130 (4.00%) than the support at $0.120 (4.00%), 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 State Gas Limited stock A Buy?
State Gas Limited holds several negative signals and we believe that 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: -1.559 Sell Candidate Downgraded
Predicted Opening Price for State Gas Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.123 ( 1.33%) | $0.125 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GAS.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.128 | 2.67 % | |
| R2 | 0.126 | 1.14 % | ||
| R1 | 0.125 | 0.195 % | ||
| Current price: | 0.125 | |||
| Support | S1 | 0.121 | -2.86 % | |
| S2 | 0.120 | -3.81 % | ||
| S3 | 0.118 | -5.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.150 | 20.00 % | |
| R2 | 0.135 | 8.00 % | ||
| R1 | 0.130 | 4.00 % | ||
| Current price | 0.125 | |||
| Support | S1 | 0.120 | -4.00% | |
| S2 | 0.115 | -8.00% | ||
| S3 | 0.105 | -16.00% |
FAQ
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