Superior Drilling Products, Inc Stock Forecast
High volatility in Superior Drilling Products, Inc stock price on Wednesday which ended trading at $1.13
(Updated on Apr 17, 2024)
The Superior Drilling Products, Inc stock price gained 2.26% on the last trading day (Wednesday, 17th Apr 2024), rising from $1.11 to $1.13. During the last trading day the stock fluctuated 21.30% from a day low at $1.08 to a day high of $1.31. The price has risen in 6 of the last 10 days and is up by 6.6% 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, 428 thousand more shares were traded than the day before. In total, 492 thousand shares were bought and sold for approximately $555.63 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $1.16 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 58.89% during the next 3 months and, with a 90% probability hold a price between $1.44 and $1.84 at the end of this 3-month period.
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SDPI Signals & Forecast
The Superior Drilling Products, 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 $1.11 and $0.93. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Superior Drilling Products, Inc 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Superior Drilling Products, Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.06 and $1.00. 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, Superior Drilling Products, Inc finds support just below today's level at $1.06. If this is broken, then the next support from accumulated volume will be at $1.00 and $0.92.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.230 between high and low, or 21.30%. For the last week, the stock has had daily average volatility of 9.71%.
The Superior Drilling Products, Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $1.09 (-3.38%) (This stock has high daily movements and this gives high risk. The RSI14 is 81 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SDPI) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Superior Drilling Products, Inc to open at $1.17, and during the day (based on 14 day Average True Range), to move between $1.06 and $1.20, which gives a possible trading interval of +/-$0.0652 (+/-5.77%) up or down from last closing price. If Superior Drilling Products, Inc takes out the full calculated possible swing range there will be an estimated 11.54% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.06, some $0.0700 (6.19%) from the current price of $1.13, our system finds the risk reward attractive.
Is Superior Drilling Products, Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Superior Drilling Products, Inc stock to perform well in the short-term.
Current score: 4.126 Buy Candidate Unchanged
Predicted Opening Price for Superior Drilling Products, Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $1.17 ( 3.83%) | $1.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SDPI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.40 | 24.19 % | |
| R2 | 1.32 | 16.41 % | ||
| R1 | 1.26 | 11.61 % | ||
| Current price: | 1.13 | |||
| Support | S1 | 1.09 | -3.94 % | |
| S2 | 1.03 | -8.74 % | ||
| S3 | 0.94 | -16.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1.13 | |||
| Support | S1 | 1.06 | -6.19% | |
| S2 | 1.00 | -11.50% | ||
| S3 | 0.92 | -18.58% |
FAQ
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