Pacific Basin Shipping Limited Stock Forecast

Red day on Friday for Pacific Basin Shipping Limited stock after losing 3.64%
(Updated on May 24, 2024)

PCFBY Signals & Forecast

A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -7.76%. 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). Pacific Basin Shipping Limited 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". The very low volume increases the risk and reduces the other technical signals issued. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Pacific Basin Shipping Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $7.12. On a fall, the stock will find some support from the long-term average at approximately $6.75. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.

Support, Risk & Stop-loss for Pacific Basin Shipping Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $6.29 and $5.98. 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, Pacific Basin Shipping Limited finds support just below today's level at $6.29. If this is broken, then the next support from accumulated volume will be at $5.98 and $5.26.

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 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0.737%.

Our recommended stop-loss: $6.54 (-5.04%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 39 days ago.)

Trading Expectations (PCFBY) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Pacific Basin Shipping Limited to open at $6.89, and during the day (based on 14 day Average True Range), to move between $6.75 and $7.03, which gives a possible trading interval of +/-$0.143 (+/-2.08%) up or down from last closing price. If Pacific Basin Shipping Limited takes out the full calculated possible swing range there will be an estimated 4.16% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $7.15 (3.77%) than the support at $6.29 (8.71%), 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 Pacific Basin Shipping Limited stock A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 2.475 Buy Candidate Unchanged

Predicted Opening Price for Pacific Basin Shipping Limited of Tuesday, May 28, 2024

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