Imperial Petroleum Inc. Stock Forecast

Imperial Petroleum Inc. stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on Jun 24, 2024)

IMPPP Signals & Forecast

The Imperial Petroleum Inc. 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 $25.04 and $24.61. 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, June 21, 2024, and so far it has fallen -0.0397%. Further fall is indicated until a new bottom pivot has been found. Imperial Petroleum Inc. 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". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Monday, September 11, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Imperial Petroleum Inc. stock

Imperial Petroleum Inc. finds support from accumulated volume at $24.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.130 between high and low, or 0.518%. For the last week the stock has had daily average volatility of 0.216%.

The Imperial Petroleum Inc. 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 stocks 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: $24.63 (-2.24%) (This stock has low daily movements and this gives low risk. The RSI14 is 88 and this increases the risk substantially. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (IMPPP) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect Imperial Petroleum Inc. to open at $25.18, and during the day (based on 14 day Average True Range), to move between $25.03 and $25.37, which gives a possible trading interval of +/-$0.169 (+/-0.67%) up or down from last closing price. If Imperial Petroleum Inc. takes out the full calculated possible swing range there will be an estimated 1.34% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $25.21 (0.04%) than the support at $24.50 (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 Imperial Petroleum Inc. stock A Buy?

Imperial Petroleum Inc. 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: -0.258 Hold/Accumulate Downgraded

Predicted Opening Price for Imperial Petroleum Inc. of Tuesday, June 25, 2024

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