Horizon Oil Limited Stock Forecast

Horizon Oil Limited stock price ended at $0.180 on Thursday, after losing 0%.
(Updated on May 09, 2024)

HZN.AX Signals & Forecast

The Horizon Oil Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.177 and $0.178. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, April 26, 2024, and so far it has fallen -2.70%. Further fall is indicated until a new bottom pivot has been found. 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".

Support, Risk & Stop-loss for Horizon Oil Limited stock

Horizon Oil Limited finds support from accumulated volume at $0.175 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0030 between high and low, or 1.69%. For the last week the stock has had daily average volatility of 3.82%.

Our recommended stop-loss: $0.172 (-4.43%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (HZN.AX) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Horizon Oil Limited to open at $0.179, and during the day (based on 14 day Average True Range), to move between $0.173 and $0.187, which gives a possible trading interval of +/-$0.0069 (+/-3.86%) up or down from last closing price. If Horizon Oil Limited takes out the full calculated possible swing range there will be an estimated 7.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.185 (2.78%) than the support at $0.175 (2.78%), 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 Horizon Oil Limited stock A Buy?

Horizon Oil Limited 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.

Current score: -0.494 Hold/Accumulate Unchanged

Predicted Opening Price for Horizon Oil Limited of Friday, May 10, 2024

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