Karoon Energy Ltd Stock Forecast
Karoon Energy Ltd stock price ended at $1.90 on Monday, after gaining 3.27%.
(Updated on May 20, 2024)
The Karoon Energy Ltd stock price gained 3.27% on the last trading day (Monday, 20th May 2024), rising from $1.84 to $1.90. During the last trading day the stock fluctuated 4.07% from a day low at $1.85 to a day high of $1.92. The price has fallen in 7 of the last 10 days and is down by -0.26% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $14.15 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $1.84 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Karoon Energy Ltd stock with a 90% probability to be traded between $1.84 and $2.40 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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KAR.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 17, 2024, and so far it has risen 3.27%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Karoon Energy Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $2.06. On a fall, the stock will find some support from the short-term average at $1.89. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Karoon Energy Ltd stock
Karoon Energy Ltd finds support from accumulated volume at $1.89 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0750 between high and low, or 4.07%. For the last week, the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KAR.AX) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Karoon Energy Ltd to open at $1.89, and during the day (based on 14 day Average True Range), to move between $1.82 and $1.97, which gives a possible trading interval of +/-$0.0706 (+/-3.72%) up or down from last closing price. If Karoon Energy Ltd takes out the full calculated possible swing range there will be an estimated 7.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.89 (0.26%) than the resistance at $1.91 (0.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Karoon Energy Ltd stock A Buy?
Karoon Energy Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.867 Sell Candidate Unchanged
Predicted Opening Price for Karoon Energy Ltd of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $1.89 ( 0.440%) | $1.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KAR.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.96 | 3.52 % | |
| R2 | 1.93 | 2.01 % | ||
| R1 | 1.92 | 1.07 % | ||
| Current price: | 1.90 | |||
| Support | S1 | 1.86 | -1.95 % | |
| S2 | 1.84 | -2.89 % | ||
| S3 | 1.81 | -4.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.10 | 10.82 % | |
| R2 | 1.95 | 2.64 % | ||
| R1 | 1.91 | 0.528 % | ||
| Current price | 1.90 | |||
| Support | S1 | 1.89 | -0.264% | |
| S2 | 1.88 | -0.792% | ||
| S3 | 1.86 | -1.85% |
FAQ
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