Renergen Limited Stock Forecast
Evaluation of Renergen Limited stock downgraded after the last trading session.
(Updated on May 15, 2024)
The Renergen Limited stock price gained 1.23% on the last trading day (Wednesday, 15th May 2024), rising from $1,136.00 to $1,150.00. During the last trading day the stock fluctuated 4.00% from a day low at $1,124.00 to a day high of $1,169.00. The price has fallen in 7 of the last 10 days and is down by -7.63% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 78 thousand more shares were traded than the day before. In total, 116 thousand shares were bought and sold for approximately $133.88 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1,138.84 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.90% during the next 3 months and, with a 90% probability hold a price between $1,285.81 and $1,657.74 at the end of this 3-month period.
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REN.JO Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 1.23%. 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. The Renergen Limited 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 $1,156.71 and $1,206.34. 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). The stock had a Golden Star Signal on Friday, March 08, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Friday, March 08, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Renergen Limited stock
Renergen Limited finds support from accumulated volume at $1,145.00 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 $45.00 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 3.61%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (REN.JO) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Renergen Limited to open at $1,147.67, and during the day (based on 14 day Average True Range), to move between $1,085.05 and $1,214.95, which gives a possible trading interval of +/-$64.95 (+/-5.65%) up or down from last closing price. If Renergen Limited takes out the full calculated possible swing range there will be an estimated 11.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1,145.00 (0.43%) than the resistance at $1,162.00 (1.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Renergen Limited stock A Buy?
The Renergen Limited stock holds several negative signals and despite the positive trend, we believe Renergen Limited will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -1.682 Sell Candidate Downgraded
Predicted Opening Price for Renergen Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| $1,147.67 ( 0.203%) | $1,150.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REN.JO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,192.67 | 3.71 % | |
| R2 | 1,175.48 | 2.22 % | ||
| R1 | 1,164.86 | 1.29 % | ||
| Current price: | 1,150.00 | |||
| Support | S1 | 1,130.48 | -1.70 % | |
| S2 | 1,119.86 | -2.62 % | ||
| S3 | 1,102.67 | -4.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,300.00 | 13.04 % | |
| R2 | 1,216.00 | 5.74 % | ||
| R1 | 1,162.00 | 1.04 % | ||
| Current price | 1,150.00 | |||
| Support | S1 | 1,145.00 | -0.435% | |
| S2 | 1,139.00 | -0.96% | ||
| S3 | 1,087.00 | -5.48% |
FAQ
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