Source Energy Services Ltd. Stock Forecast
Volatile ride for Source Energy Services Ltd. stock price on Thursday moving between $14.30 and $15.98
(Updated on May 09, 2024)
The Source Energy Services Ltd. stock price gained 3.40% on the last trading day (Thursday, 9th May 2024), rising from $14.41 to $14.90. During the last trading day the stock fluctuated 11.75% from a day low at $14.30 to a day high of $15.98. The price has fallen in 6 of the last 10 days and is down by -4.43% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 thousand more shares were traded than the day before. In total, 38 thousand shares were bought and sold for approximately $569.46 thousand.
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 $14.57 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 109.62% during the next 3 months and, with a 90% probability hold a price between $30.54 and $38.53 at the end of this 3-month period.
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SHLE.TO Signals & Forecast
The Source Energy Services Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $14.98. On a fall, the stock will find some support from the long-term average at approximately $14.39. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Source Energy Services 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. 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 Monday, April 29, 2024, and so far it has fallen -12.97%. 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).
Support, Risk & Stop-loss for Source Energy Services Ltd. stock
Source Energy Services Ltd. finds support from accumulated volume at $14.85 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 $1.68 between high and low, or 11.75%. For the last week, the stock has had daily average volatility of 6.11%.
Our recommended stop-loss: $14.01 (-5.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (SHLE.TO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Source Energy Services Ltd. to open at $15.06, and during the day (based on 14 day Average True Range), to move between $13.96 and $15.84, which gives a possible trading interval of +/-$0.94 (+/-6.31%) up or down from last closing price. If Source Energy Services Ltd. takes out the full calculated possible swing range there will be an estimated 12.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.85 (0.34%) than the resistance at $15.42 (3.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Source Energy Services Ltd. 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 Source Energy Services Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.187 Buy Candidate Upgraded
Predicted Opening Price for Source Energy Services Ltd. of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $15.06 ( 1.07%) | $14.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHLE.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.74 | 12.35 % | |
| R2 | 16.10 | 8.04 % | ||
| R1 | 15.70 | 5.38 % | ||
| Current price: | 14.90 | |||
| Support | S1 | 14.42 | -3.23 % | |
| S2 | 14.02 | -5.89 % | ||
| S3 | 13.38 | -10.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.12 | 14.90 % | |
| R2 | 15.66 | 5.10 % | ||
| R1 | 15.42 | 3.49 % | ||
| Current price | 14.90 | |||
| Support | S1 | 14.85 | -0.336% | |
| S2 | 14.05 | -5.70% | ||
| S3 | 12.80 | -14.09% |
FAQ
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