Parex Resources Inc. Stock Forecast
Red day on Wednesday for Parex Resources Inc.
(Updated on May 22, 2024)
The Parex Resources Inc. stock price fell by -1.78% on the last day (Wednesday, 22nd May 2024) from $23.04 to $22.63. During the last trading day the stock fluctuated 1.73% from a day low at $22.57 to a day high of $22.96. The price has fallen in 8 of the last 10 days and is down by -4.56% 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 -610 thousand shares and in total, 489 thousand shares were bought and sold for approximately $11.07 million.
Given the current short-term trend, the stock is expected to rise 16.89% during the next 3 months and, with a 90% probability hold a price between $26.45 and $29.31 at the end of this 3-month period.
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PXT.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Parex Resources Inc. 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 $23.37 and $23.60. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -8.01%. 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 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 Parex Resources Inc. stock
Parex Resources Inc. finds support from accumulated volume at $21.54 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 $0.390 between high and low, or 1.73%. For the last week the stock has had daily average volatility of 1.92%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PXT.TO) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Parex Resources Inc. to open at $22.72, and during the day (based on 14 day Average True Range), to move between $22.14 and $23.12, which gives a possible trading interval of +/-$0.486 (+/-2.15%) up or down from last closing price. If Parex Resources Inc. takes out the full calculated possible swing range there will be an estimated 4.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $23.01 (1.68%) than the support at $21.54 (4.82%), 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 Parex Resources Inc. stock A Buy?
The Parex Resources Inc. stock holds several negative signals and despite the positive trend, we believe Parex Resources Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.500 Sell Candidate Unchanged
Predicted Opening Price for Parex Resources Inc. of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| $22.72 ( 0.398%) | $22.63 |
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 | 23.11 | 2.12 % | |
| R2 | 22.96 | 1.46 % | ||
| R1 | 22.87 | 1.06 % | ||
| Current price: | 22.63 | |||
| Support | S1 | 22.57 | -0.261 % | |
| S2 | 22.48 | -0.667 % | ||
| S3 | 22.33 | -1.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.58 | 4.20 % | |
| R2 | 23.04 | 1.81 % | ||
| R1 | 23.01 | 1.68 % | ||
| Current price | 22.63 | |||
| Support | S1 | 21.54 | -4.82% | |
| S2 | 20.86 | -7.82% | ||
| S3 | 20.50 | -9.41% |
PXT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 10, 2024 | Jun 10, 2024 | Jun 17, 2024 | $0.385 | 1.70% |
| 2 | Feb 29, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.375 | 1.73% |
| 3 | Nov 07, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.375 | 1.50% |
| 4 | Aug 02, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.375 | 1.47% |
| 5 | Jun 14, 2023 | Jun 14, 2023 | Sep 29, 2023 | $0.375 | 1.47% |
FAQ
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