International Petroleum Corporation Stock Forecast
International Petroleum Corporation stock downgraded to Buy Candidate
(Updated on Jul 02, 2024)
The International Petroleum Corporation stock price fell by -1.00% on the last day (Tuesday, 2nd Jul 2024) from kr149.50 to kr148.00. During the last trading day the stock fluctuated 2.04% from a day low at kr147.40 to a day high of kr150.40. The price has risen in 6 of the last 10 days and is up by 11.7% 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 -6 thousand shares and in total, 174 thousand shares were bought and sold for approximately kr25.77 million.
The stock lies in the middle of a 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 3.36% during the next 3 months and, with a 90% probability hold a price between kr137.79 and kr157.86 at the end of this 3-month period.
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IPCO.ST Signals & Forecast
The International Petroleum Corporation 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 kr143.53 and kr141.83. 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, July 01, 2024, and so far it has fallen -1.00%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Tuesday, March 05, 2024 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.
Golden Star 12 Months
The stock had a Golden Star Signal on Tuesday, March 05, 2024 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.
A sell signal from a double top formation was found on Monday, July 01, 2024 and based on theory for this formation the price should fall by -13.09% to kr128.63 within 32 trading days since signal was issued (Wednesday, August 14, 2024).
Support, Risk & Stop-loss for International Petroleum Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at kr138.10 and kr138.00. 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, International Petroleum Corporation finds support just below today's level at kr138.10. If this is broken, then the next support from accumulated volume will be at kr138.00 and kr135.80.
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 kr3.00 between high and low, or 2.04%. For the last week, the stock has had daily average volatility of 3.53%.
Our recommended stop-loss: kr142.20 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (IPCO.ST) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect International Petroleum Corporation to open at kr148.60, and during the day (based on 14 day Average True Range), to move between kr143.31 and kr152.69, which gives a possible trading interval of +/-kr4.69 (+/-3.17%) up or down from last closing price. If International Petroleum Corporation takes out the full calculated possible swing range there will be an estimated 6.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr148.10 (0.07%) than the support at kr138.10 (6.69%), 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 International Petroleum Corporation 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 International Petroleum Corporation stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.284 Buy Candidate Downgraded
Predicted Opening Price for International Petroleum Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| kr148.60 ( 0.405%) | kr148.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IPCO.ST
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 151.60 | 2.43% |
| R2 | 150.45 | 1.66% |
| R1 | 149.75 | 1.18% |
| Price | 148.00 | |
| S1 | 147.45 | -0.369% |
| S2 | 146.75 | -0.85% |
| S3 | 145.60 | -1.62% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 150.00 | 1.35% |
| R2 | 149.50 | 1.01% |
| R1 | 148.10 | 0.0676% |
| Price | 148.00 | |
| S1 | 138.10 | -6.69% |
| S2 | 138.00 | -6.76% |
| S3 | 135.80 | -8.24% |
FAQ
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