Imperial Petroleum Stock Forecast
Imperial Petroleum stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The Imperial Petroleum stock price fell by -2.14% on the last day (Thursday, 18th Apr 2024) from $3.27 to $3.20. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 5.01% from a day low at $3.20 to a day high of $3.36. The price has fallen in 7 of the last 10 days and is down by -2.44% for this period. Volume has increased on the last day by 18 thousand 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, 307 thousand shares were bought and sold for approximately $983.75 thousand.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.40% during the next 3 months and, with a 90% probability hold a price between $3.10 and $3.93 at the end of this 3-month period.
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IMPP Signals & Forecast
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. The Imperial Petroleum stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $3.44 and $3.23. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -14.67%. Further fall is indicated until a new bottom pivot has been found. Imperial Petroleum 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".
Support, Risk & Stop-loss for Imperial Petroleum stock
Imperial Petroleum finds support from accumulated volume at $3.14 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.160 between high and low, or 5.01%. For the last week, the stock has had daily average volatility of 8.45%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IMPP) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Imperial Petroleum Inc. to open at $3.25, and during the day (based on 14 day Average True Range), to move between $2.96 and $3.44, which gives a possible trading interval of +/-$0.238 (+/-7.42%) up or down from last closing price. If Imperial Petroleum Inc. takes out the full calculated possible swing range there will be an estimated 14.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.14 (1.88%) than the resistance at $3.40 (6.25%), 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 Petroleum Inc. stock A Buy?
The Imperial Petroleum stock holds several negative signals and despite the positive trend, we believe Imperial Petroleum will perform weakly in the next couple of days or weeks. Therefore, we 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: -1.421 Sell Candidate Downgraded
Predicted Opening Price for Imperial Petroleum Inc. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $3.25 ( 1.56%) | $3.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IMPP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.41 | 6.56 % | |
| R2 | 3.35 | 4.65 % | ||
| R1 | 3.31 | 3.47 % | ||
| Current price: | 3.20 | |||
| Support | S1 | 3.19 | -0.348 % | |
| S2 | 3.15 | -1.53 % | ||
| S3 | 3.09 | -3.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.63 | 13.44 % | |
| R2 | 3.60 | 12.50 % | ||
| R1 | 3.40 | 6.25 % | ||
| Current price | 3.20 | |||
| Support | S1 | 3.14 | -1.88% | |
| S2 | 3.09 | -3.44% | ||
| S3 | 3.03 | -5.31% |
FAQ
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