Parex Resources Inc. Stock Forecast
Parex Resources Inc. stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on May 09, 2024)
The Parex Resources Inc. stock price gained 3.93% on the last trading day (Thursday, 9th May 2024), rising from $23.67 to $24.60. During the last trading day the stock fluctuated 5.00% from a day low at $23.70 to a day high of $24.88. The price has fallen in 6 of the last 10 days but is still up by 1.11% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 263 thousand more shares were traded than the day before. In total, 556 thousand shares were bought and sold for approximately $13.68 million.
The stock lies in the middle of a 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 18.59% during the next 3 months and, with a 90% probability hold a price between $27.47 and $29.71 at the end of this 3-month period.
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PXT.TO Signals & Forecast
The Parex Resources Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $23.85 and $23.17. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 05, 2024, and so far it has risen 21.78%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Parex Resources Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $20.86 and $20.50. 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, Parex Resources Inc. finds support just below today's level at $20.86. If this is broken, then the next support from accumulated volume will be at $20.50 and $20.40.
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 $1.19 between high and low, or 5.00%. For the last week the stock has had daily average volatility of 2.26%.
Our recommended stop-loss: $23.68 (-3.76%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 46 days ago.)
Trading Expectations (PXT.TO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Parex Resources Inc. to open at $24.39, and during the day (based on 14 day Average True Range), to move between $24.10 and $25.10, which gives a possible trading interval of +/-$0.497 (+/-2.02%) up or down from last closing price. If Parex Resources Inc. takes out the full calculated possible swing range there will be an estimated 4.04% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $20.86, some $3.74 (15.20%) from the current price of $24.60, our system finds the risk reward attractive.
Is Parex Resources Inc. stock A Buy?
Parex Resources Inc. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.356 Strong Buy Candidate Upgraded
Predicted Opening Price for Parex Resources Inc. of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $24.39 ( 0.85%) | $24.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PXT.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.58 | 3.97 % | |
| R2 | 25.12 | 2.13 % | ||
| R1 | 24.84 | 0.99 % | ||
| Current price: | 24.60 | |||
| Support | S1 | 23.94 | -2.69 % | |
| S2 | 23.66 | -3.82 % | ||
| S3 | 23.21 | -5.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 24.60 | |||
| Support | S1 | 20.86 | -15.20% | |
| S2 | 20.50 | -16.67% | ||
| S3 | 20.40 | -17.07% |
PXT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.375 | 1.73% |
| 2 | Nov 07, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.375 | 1.50% |
| 3 | Aug 02, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.375 | 1.47% |
| 4 | Jun 14, 2023 | Jun 14, 2023 | Sep 29, 2023 | $0.375 | 1.47% |
| 5 | Mar 14, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.375 | 1.49% |
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