PetroGas Company Stock Forecast
Weaker technical forecast for PetroGas Company as stock downgraded to Strong Sell Candidate.
(Updated on May 17, 2024)
The PetroGas Company stock price gained 0.611% on the last trading day (Friday, 17th May 2024), rising from $0.0982 to $0.0988. During the last trading day the stock fluctuated 1.21% from a day low at $0.0988 to a day high of $0.100. The price has fallen in 7 of the last 10 days and is down by -33.24% for this period. Volume fell on the last day by -41 thousand shares and in total, 2 thousand shares were bought and sold for approximately $216.37 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0633 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -23.49% during the next 3 months and, with a 90% probability hold a price between $0.0484 and $0.284 at the end of this 3-month period.
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PTCO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 4.00%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The PetroGas Company 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 $0.101 and $0.167. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for PetroGas Company stock
PetroGas Company finds support from accumulated volume at $0.0982 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 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 $0.0012 between high and low, or 1.21%. For the last week the stock has had daily average volatility of 8.01%.
PetroGas Company is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PTCO) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect PetroGas Company to open at $0.0992, and during the day (based on 14 day Average True Range), to move between $0.0651 and $0.132, which gives a possible trading interval of +/-$0.0337 (+/-34.06%) up or down from last closing price. If PetroGas Company takes out the full calculated possible swing range there will be an estimated 68.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0982 (0.61%) than the resistance at $0.106 (7.54%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PetroGas Company stock A Buy?
PetroGas Company 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: -5.663 Strong Sell Candidate Downgraded
Predicted Opening Price for PetroGas Company of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0992 ( 0.405%) | $0.0988 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PTCO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.100 | 1.62 % | |
| R2 | 0.0999 | 1.16 % | ||
| R1 | 0.0997 | 0.87 % | ||
| Current price: | 0.0988 | |||
| Support | S1 | 0.0987 | -0.0591 % | |
| S2 | 0.0985 | -0.346 % | ||
| S3 | 0.0980 | -0.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.117 | 18.17 % | |
| R2 | 0.110 | 11.34 % | ||
| R1 | 0.106 | 7.54 % | ||
| Current price | 0.0988 | |||
| Support | S1 | 0.0982 | -0.607% | |
| S2 | 0.0950 | -3.85% | ||
| S3 | 0 | . |
FAQ
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