Imperial Oil Limited (USA) Stock Forecast

Stronger technical forecast for Imperial Oil Limited (USA) stock price after Tuesday trading

(Updated on Oct 08, 2024)

IMO Signals & Forecast

The Imperial Oil Limited (USA) 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 $75.39 and $71.76. 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 Monday, October 07, 2024, and so far it has fallen -2.42%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Imperial Oil Limited (USA) stock

Imperial Oil Limited (USA) finds support from accumulated volume at $76.11 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.10 between high and low, or 4.09%. For the last week, the stock has had daily average volatility of 3.05%.

The Imperial Oil Limited (USA) stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stock may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $74.66 (-3.40%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (IMO) For The Upcoming Trading Day Of Wednesday 9th

For the upcoming trading day on Wednesday, 9th we expect Imperial Oil Limited (USA) to open at $77.24, and during the day (based on 14 day Average True Range), to move between $75.31 and $79.27, which gives a possible trading interval of +/-$1.98 (+/-2.56%) up or down from last closing price. If Imperial Oil Limited (USA) takes out the full calculated possible swing range there will be an estimated 5.13% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $76.11 (1.53%) than the resistance at $79.21 (2.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Imperial Oil Limited (USA) stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Imperial Oil Limited (USA) stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.376 Buy Candidate Upgraded

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Predicted Fair Opening Price