Imperial Petroleum Stock Forecast
Weaker technical forecast for Imperial Petroleum as stock downgraded to Hold/Accumulate.
(Updated on Jul 02, 2024)
The Imperial Petroleum stock price fell by -1.06% on the last day (Tuesday, 2nd Jul 2024) from $3.79 to $3.75. During the last trading day the stock fluctuated 1.61% from a day low at $3.73 to a day high of $3.79. The price has risen in 6 of the last 10 days and is up by 7.14% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -40 thousand shares and in total, 102 thousand shares were bought and sold for approximately $381.00 thousand.
The stock lies in the middle of a very wide and strong 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 11.95% during the next 3 months and, with a 90% probability hold a price between $3.94 and $5.10 at the end of this 3-month period.
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IMPP Signals & Forecast
There are mixed signals in the stock today. The Imperial Petroleum 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 $3.83 and $3.88. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 8.70%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Imperial Petroleum stock
Imperial Petroleum finds support from accumulated volume at $3.68 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 $0.0600 between high and low, or 1.61%. For the last week the stock has had daily average volatility of 3.28%.
Our recommended stop-loss: $3.55 (-5.38%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (IMPP) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Imperial Petroleum Inc. to open at $3.76, and during the day (based on 14 day Average True Range), to move between $3.57 and $3.93, which gives a possible trading interval of +/-$0.176 (+/-4.70%) up or down from last closing price. If Imperial Petroleum Inc. takes out the full calculated possible swing range there will be an estimated 9.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.68 (1.87%) than the resistance at $3.93 (4.80%), 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?
Imperial Petroleum 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.104 Hold/Accumulate Downgraded
Predicted Opening Price for Imperial Petroleum Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $3.76 ( 0.178%) | $3.75 |
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 | |
|---|---|---|
| R3 | 3.82 | 1.78% |
| R2 | 3.79 | 1.17% |
| R1 | 3.78 | 0.789% |
| Price | 3.75 | |
| S1 | 3.73 | -0.433% |
| S2 | 3.72 | -0.81% |
| S3 | 3.70 | -1.42% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.11 | 9.60% |
| R2 | 4.01 | 6.93% |
| R1 | 3.93 | 4.80% |
| Price | 3.75 | |
| S1 | 3.68 | -1.87% |
| S2 | 3.63 | -3.20% |
| S3 | 3.60 | -4.00% |
FAQ
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