Petrofac Ltd Stock Forecast
High volatility in Petrofac Ltd stock price on Friday which ended trading at $0.0565
(Updated on May 10, 2024)
The Petrofac Ltd stock price fell by -12.13% on the last day (Friday, 10th May 2024) from $0.0643 to $0.0565. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 29.87% from a day low at $0.0539 to a day high of $0.0700. The price has fallen in 8 of the last 10 days and is down by -62.11% for this period. 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 -61 thousand shares and in total, 18 thousand shares were bought and sold for approximately $1.02 thousand.
The stock has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($0.0662) are considered to be a "second chance" to get out. According to the fan-theory -$0.0112 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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POFCY Signals & Forecast
There are few to no technical positive signals at the moment. The Petrofac Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0642 and $0.126. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 26, 2024, and so far it has fallen -62.11%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Petrofac Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0161 between high and low, or 29.87%. For the last week the stock has had daily average volatility of 31.73%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (POFCY) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Petrofac Ltd to open at $0.0601, and during the day (based on 14 day Average True Range), to move between $0.0355 and $0.0775, which gives a possible trading interval of +/-$0.0210 (+/-37.19%) up or down from last closing price. If Petrofac Ltd takes out the full calculated possible swing range there will be an estimated 74.38% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0661, some $0.0096 (16.99%) from the current price of $0.0565, our system finds the risk reward not very attractive.
Is Petrofac Ltd stock A Buy?
Petrofac Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Sell to a Strong Sell candidate.
Current score: -7.090 Strong Sell Candidate Downgraded
Predicted Opening Price for Petrofac Ltd of Monday, May 13, 2024
Fair opening price May 13, 2024 | Current price |
---|---|
$0.0601 ( 6.43%) | $0.0565 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POFCY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0762 | 34.93 % | |
R2 | 0.0701 | 24.04 % | ||
R1 | 0.0663 | 17.32 % | ||
Current price: | 0.0565 | |||
Support | S1 | 0.0540 | -4.45 % | |
S2 | 0.0502 | -11.18 % | ||
S3 | 0.0440 | -22.06 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0688 | 21.77 % | |
R2 | 0.0685 | 21.24 % | ||
R1 | 0.0661 | 16.99 % | ||
Current price | 0.0565 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
POFCY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 23, 2020 | Apr 23, 2020 | Jun 08, 2020 | $0.140 | 10.29% |
2 | Aug 30, 2019 | Sep 19, 2019 | Nov 04, 2019 | $0.0640 | 2.56% |
3 | Apr 25, 2019 | Apr 25, 2019 | Apr 25, 2019 | $0.127 | 4.28% |
4 | Sep 06, 2018 | Sep 20, 2018 | Nov 05, 2018 | $0.0640 | 1.96% |
5 | May 01, 2018 | Apr 27, 2018 | Jun 11, 2018 | $0.127 | 3.59% |
FAQ
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