PrimeEnergy Corp Stock Forecast
PrimeEnergy Corp stock price up 1.13% on Wednesday
(Updated on Apr 24, 2024)
The PrimeEnergy Corp stock price gained 1.13% on the last trading day (Wednesday, 24th Apr 2024), rising from $99.57 to $100.70. During the last trading day the stock fluctuated 1.60% from a day low at $99.50 to a day high of $101.09. The price has been going up and down for this period, and there has been a -0.12% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately $581.85 thousand.
The stock lies in the middle of a weak 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 3.92% during the next 3 months and, with a 90% probability hold a price between $100.60 and $109.90 at the end of this 3-month period.
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PNRG Signals & Forecast
The PrimeEnergy Corp 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 $100.18 and $100.43. 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). PrimeEnergy Corp has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, March 11, 2024, and so far it has fallen -2.95%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for PrimeEnergy Corp stock
PrimeEnergy Corp finds support from accumulated volume at $100.07 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.59 between high and low, or 1.60%. For the last week the stock has had daily average volatility of 1.24%.
Our recommended stop-loss: $96.06 (-4.61%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 31 days ago.)
Trading Expectations (PNRG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect PrimeEnergy Corp to open at $100.43, and during the day (based on 14 day Average True Range), to move between $99.14 and $102.26, which gives a possible trading interval of +/-$1.56 (+/-1.55%) up or down from last closing price. If PrimeEnergy Corp takes out the full calculated possible swing range there will be an estimated 3.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $100.74 (0.04%) than the support at $100.07 (0.63%), 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 PrimeEnergy Corp stock A Buy?
PrimeEnergy Corp 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.
Current score: -0.847 Hold/Accumulate Unchanged
Predicted Opening Price for PrimeEnergy Corp of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $100.43 ( 0.268%) | $100.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PNRG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.02 | 1.31 % | |
| R2 | 101.41 | 0.708 % | ||
| R1 | 101.04 | 0.335 % | ||
| Current price: | 100.70 | |||
| Support | S1 | 99.82 | -0.87 % | |
| S2 | 99.45 | -1.24 % | ||
| S3 | 98.84 | -1.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.14 | 1.43 % | |
| R2 | 101.04 | 0.338 % | ||
| R1 | 100.74 | 0.0397 % | ||
| Current price | 100.70 | |||
| Support | S1 | 100.07 | -0.626% | |
| S2 | 99.57 | -1.12% | ||
| S3 | 98.55 | -2.14% |
FAQ
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