Reconnaissance Energy Africa Ltd Stock Forecast
Reconnaissance Energy Africa Ltd stock upgraded to Buy Candidate.
(Updated on May 02, 2024)
The Reconnaissance Energy Africa Ltd stock price gained 3.88% on the last trading day (Thursday, 2nd May 2024), rising from $0.670 to $0.696. During the last trading day the stock fluctuated 6.51% from a day low at $0.661 to a day high of $0.704. The price has risen in 5 of the last 10 days and is up by 6.26% 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, 88 thousand more shares were traded than the day before. In total, 311 thousand shares were bought and sold for approximately $216.43 thousand.
Given the current short-term trend, the stock is expected to fall -32.24% during the next 3 months and, with a 90% probability hold a price between $0.343 and $0.472 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RECAF Signals & Forecast
Mostly positive signals in the chart today. The Reconnaissance Energy Africa Ltd 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 $0.653 and $0.671. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 22.90%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Reconnaissance Energy Africa Ltd 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.
Support, Risk & Stop-loss for Reconnaissance Energy Africa Ltd stock
Reconnaissance Energy Africa Ltd finds support from accumulated volume at $0.695 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0430 between high and low, or 6.51%. For the last week, the stock has had daily average volatility of 6.45%.
Our recommended stop-loss: $0.670 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (RECAF) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Reconnaissance Energy Africa Ltd to open at $0.687, and during the day (based on 14 day Average True Range), to move between $0.646 and $0.746, which gives a possible trading interval of +/-$0.0504 (+/-7.24%) up or down from last closing price. If Reconnaissance Energy Africa Ltd takes out the full calculated possible swing range there will be an estimated 14.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.695 (0.20%) than the resistance at $0.793 (13.97%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Reconnaissance Energy Africa Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.841 Buy Candidate Upgraded
Predicted Opening Price for Reconnaissance Energy Africa Ltd of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.687 ( 1.34%) | $0.696 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RECAF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.730 | 4.84 % | |
| R2 | 0.713 | 2.48 % | ||
| R1 | 0.703 | 1.02 % | ||
| Current price: | 0.696 | |||
| Support | S1 | 0.670 | -3.70 % | |
| S2 | 0.660 | -5.16 % | ||
| S3 | 0.644 | -7.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.85 | 21.41 % | |
| R2 | 0.83 | 19.25 % | ||
| R1 | 0.793 | 13.97 % | ||
| Current price | 0.696 | |||
| Support | S1 | 0.695 | -0.201% | |
| S2 | 0.655 | -5.89% | ||
| S3 | 0.637 | -8.48% |
FAQ
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