Indonesia Energy Corporation Stock Forecast
Indonesia Energy Corporation stock downgraded to Strong Sell Candidate
(Updated on Jun 21, 2024)
The Indonesia Energy Corporation stock price fell by -4.85% on the last day (Friday, 21st Jun 2024) from $2.68 to $2.55. During the last trading day the stock fluctuated 7.51% from a day low at $2.53 to a day high of $2.72. The price has fallen in 7 of the last 10 days and is down by -13.27% for this period. Volume has increased on the last day by 32 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, 125 thousand shares were bought and sold for approximately $319.23 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.82 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.01% during the next 3 months and, with a 90% probability hold a price between $1.73 and $5.55 at the end of this 3-month period.
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INDO 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 Indonesia Energy Corporation 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 $2.66 and $3.32. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -58.06%. Further fall is indicated until a new bottom pivot has been found. Indonesia Energy Corporation 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 Indonesia Energy Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.18 and $2.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Indonesia Energy Corporation finds support just below today's level at $2.18. If this is broken, then the next support from accumulated volume will be at $2.13 and $2.12.
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 $0.190 between high and low, or 7.51%. For the last week, the stock has had daily average volatility of 4.75%.
Indonesia Energy Corporation is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INDO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Indonesia Energy Corporation Limited to open at $2.60, and during the day (based on 14 day Average True Range), to move between $2.32 and $2.78, which gives a possible trading interval of +/-$0.228 (+/-8.92%) up or down from last closing price. If Indonesia Energy Corporation Limited takes out the full calculated possible swing range there will be an estimated 17.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.82 (10.59%) than the support at $2.18 (14.51%), 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 Indonesia Energy Corporation Limited stock A Buy?
Indonesia Energy Corporation holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Sell to a Strong Sell candidate.
Current score: -6.338 Strong Sell Candidate Downgraded
Predicted Opening Price for Indonesia Energy Corporation Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $2.60 ( 1.96%) | $2.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.79 | 9.41% |
| R2 | 2.72 | 6.57% |
| R1 | 2.67 | 4.81% |
| Price | 2.55 | |
| S1 | 2.53 | -0.89% |
| S2 | 2.48 | -2.64% |
| S3 | 2.41 | -5.49% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.90 | 13.73% |
| R2 | 2.87 | 12.55% |
| R1 | 2.82 | 10.59% |
| Price | 2.55 | |
| S1 | 2.18 | -14.51% |
| S2 | 2.13 | -16.47% |
| S3 | 2.12 | -16.86% |
FAQ
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