3R Petroleum Óleo e Gás S.A. Stock Forecast

Red day on Wednesday for 3R Petroleum Óleo e Gás S.A. stock after losing 4.62%
(Updated on May 22, 2024)

RRRP3.SA Signals & Forecast

There are few to no technical positive signals at the moment. The 3R Petroleum Óleo e Gás S.A. 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 R$29.93 and R$32.97. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -20.85%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for 3R Petroleum Óleo e Gás S.A. stock

3R Petroleum Óleo e Gás S.A. finds support from accumulated volume at R$28.26 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 R$1.41 between high and low, or 4.97%. For the last week, the stock has had daily average volatility of 4.02%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RRRP3.SA) For The Upcoming Trading Day Of Thursday 23rd

For the upcoming trading day on Thursday, 23rd we expect 3R Petroleum Óleo e Gás S.A. to open at R$28.96, and during the day (based on 14 day Average True Range), to move between R$27.41 and R$29.99, which gives a possible trading interval of +/-R$1.29 (+/-4.50%) up or down from last closing price. If 3R Petroleum Óleo e Gás S.A. takes out the full calculated possible swing range there will be an estimated 9.01% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at R$28.26 (1.53%) than the resistance at R$31.50 (9.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is 3R Petroleum Óleo e Gás S.A. stock A Buy?

The 3R Petroleum Óleo e Gás S.A. stock holds several negative signals and despite the positive trend, we believe 3R Petroleum Óleo e Gás S.A. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.561 Sell Candidate Unchanged

Predicted Opening Price for 3R Petroleum Óleo e Gás S.A. of Thursday, May 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.