Jericho Oil Corp Stock Forecast

Jericho Oil Corp stock downgraded to Hold/Accumulate
(Updated on Jun 25, 2024)

JROOF Signals & Forecast

The Jericho Oil Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.128 and $0.129. 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, June 24, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Jericho Oil Corp stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.131 and $0.130. 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, Jericho Oil Corp finds support just below today's level at $0.131. If this is broken, then the next support from accumulated volume will be at $0.130 and $0.121.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 7.38%

Our recommended stop-loss: $0.134 (-3.94%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (JROOF) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Jericho Oil Corp to open at $0.140, and during the day (based on 14 day Average True Range), to move between $0.130 and $0.150, which gives a possible trading interval of +/-$0.0095 (+/-6.81%) up or down from last closing price. If Jericho Oil Corp takes out the full calculated possible swing range there will be an estimated 13.63% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.141 (0.68%) than the support at $0.131 (6.43%), 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 Jericho Oil Corp stock A Buy?

Jericho Oil Corp 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: 0.135 Hold/Accumulate Downgraded

Predicted Opening Price for Jericho Oil Corp of Wednesday, June 26, 2024

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