National Energy Services Reunited Corp Stock Forecast

National Energy Services Reunited Corp stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)

NESR Signals & Forecast

The National Energy Services Reunited Corp 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 $8.96 and $8.34. 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, April 22, 2024, and so far it has fallen -2.17%. Further fall is indicated until a new bottom pivot has been found. National Energy Services Reunited Corp 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 National Energy Services Reunited Corp stock

National Energy Services Reunited Corp finds support from accumulated volume at $8.85 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 $0.200 between high and low, or 2.25%. For the last week, the stock has had daily average volatility of 6.05%.

Our recommended stop-loss: $8.69 (-3.45%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (NESR) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect National Energy Services Reunited Corp to open at $9.00, and during the day (based on 14 day Average True Range), to move between $8.60 and $9.40, which gives a possible trading interval of +/-$0.396 (+/-4.40%) up or down from last closing price. If National Energy Services Reunited Corp takes out the full calculated possible swing range there will be an estimated 8.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $8.85 (1.67%) than the resistance at $9.20 (2.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is National Energy Services Reunited Corp 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 National Energy Services Reunited Corp 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: 3.124 Buy Candidate Downgraded

Predicted Opening Price for National Energy Services Reunited Corp of Wednesday, April 24, 2024

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