Nine Energy Service Inc. Stock Forecast
Evaluation of Nine Energy Service Inc. stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The Nine Energy Service Inc. stock price fell by -4.96% on the last day (Wednesday, 24th Apr 2024) from $2.42 to $2.30. During the last trading day the stock fluctuated 5.90% from a day low at $2.29 to a day high of $2.43. The price has fallen in 8 of the last 10 days and is down by -22.3% for this period. Volume has increased on the last day by 48 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, 359 thousand shares were bought and sold for approximately $825.49 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.16 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.41% during the next 3 months and, with a 90% probability hold a price between $2.42 and $3.39 at the end of this 3-month period.
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NINE Signals & Forecast
There are few to no technical positive signals at the moment. The Nine Energy Service Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $2.53 and $2.40. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -22.30%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Nine Energy Service Inc. 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 Nine Energy Service Inc. stock
Nine Energy Service Inc. finds support from accumulated volume at $2.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.135 between high and low, or 5.90%. For the last week, the stock has had daily average volatility of 7.00%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NINE) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Nine Energy Service Inc. to open at $2.34, and during the day (based on 14 day Average True Range), to move between $2.09 and $2.51, which gives a possible trading interval of +/-$0.212 (+/-9.22%) up or down from last closing price. If Nine Energy Service Inc. takes out the full calculated possible swing range there will be an estimated 18.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.25 (2.17%) than the resistance at $2.42 (5.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nine Energy Service Inc. stock A Buy?
The Nine Energy Service Inc. stock holds several negative signals and despite the positive trend, we believe Nine Energy Service Inc. will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -4.588 Sell Candidate Downgraded
Predicted Opening Price for Nine Energy Service Inc. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2.34 ( 1.67%) | $2.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NINE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.47 | 7.54 % | |
| R2 | 2.42 | 5.29 % | ||
| R1 | 2.39 | 3.91 % | ||
| Current price: | 2.30 | |||
| Support | S1 | 2.29 | -0.576 % | |
| S2 | 2.25 | -1.96 % | ||
| S3 | 2.20 | -4.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.82 | 22.61 % | |
| R2 | 2.60 | 13.04 % | ||
| R1 | 2.42 | 5.22 % | ||
| Current price | 2.30 | |||
| Support | S1 | 2.25 | -2.17% | |
| S2 | 2.22 | -3.48% | ||
| S3 | 2.12 | -7.83% |
FAQ
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