Petrokent Turizm A.S. Stock Forecast
Evaluation of Petrokent Turizm A.S. stock downgraded after the last trading session.
(Updated on Apr 25, 2024)
The Petrokent Turizm A.S. stock price fell by -2.61% on the last day (Thursday, 25th Apr 2024) from TRY 355.00 to TRY 345.75. During the last trading day the stock fluctuated 5.96% from a day low at TRY 344.00 to a day high of TRY 364.50. The price has risen in 6 of the last 10 days and is up by 11% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -130 thousand shares and in total, 256 thousand shares were bought and sold for approximately TRY 88.60 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 15.31% during the next 3 months and, with a 90% probability hold a price between TRY 357.44 and TRY 544.23 at the end of this 3-month period.
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PKENT.IS Signals & Forecast
The Petrokent Turizm A.S. 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 TRY 340.64 and TRY 344.48. 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, February 26, 2024, and so far it has fallen -19.83%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Petrokent Turizm A.S. stock
Petrokent Turizm A.S. finds support from accumulated volume at TRY 342.00 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 TRY 20.50 between high and low, or 5.96%. For the last week, the stock has had daily average volatility of 5.18%.
Our recommended stop-loss: TRY 325.70 (-5.80%) (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 (PKENT.IS) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Petrokent Turizm A.S. to open at TRY 351.42, and during the day (based on 14 day Average True Range), to move between TRY 322.93 and TRY 368.57, which gives a possible trading interval of +/-TRY 22.82 (+/-6.60%) up or down from last closing price. If Petrokent Turizm A.S. takes out the full calculated possible swing range there will be an estimated 13.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 347.00 (0.36%) than the support at TRY 342.00 (1.08%), 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 Petrokent Turizm A.S. stock A Buy?
Petrokent Turizm A.S. 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: 0.358 Hold/Accumulate Downgraded
Predicted Opening Price for Petrokent Turizm A.S. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| TRY 351.42 ( 1.64%) | TRY 345.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PKENT.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 371.92 | 7.57 % | |
| R2 | 364.09 | 5.30 % | ||
| R1 | 359.25 | 3.90 % | ||
| Current price: | 345.75 | |||
| Support | S1 | 343.59 | -0.626 % | |
| S2 | 338.75 | -2.03 % | ||
| S3 | 330.92 | -4.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 392.75 | 13.59 % | |
| R2 | 388.25 | 12.29 % | ||
| R1 | 347.00 | 0.362 % | ||
| Current price | 345.75 | |||
| Support | S1 | 342.00 | -1.08% | |
| S2 | 338.50 | -2.10% | ||
| S3 | 291.00 | -15.84% |
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