Tethys Oil AB (publ) Stock Forecast
Tethys Oil AB (publ) stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on May 20, 2024)
The Tethys Oil AB (publ) stock price gained 2.78% on the last trading day (Monday, 20th May 2024), rising from kr32.40 to kr33.30. During the last trading day the stock fluctuated 3.41% from a day low at kr32.25 to a day high of kr33.35. The price has fallen in 6 of the last 10 days and is down by -6.46% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 38 thousand more shares were traded than the day before. In total, 92 thousand shares were bought and sold for approximately kr3.08 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at kr32.39 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Tethys Oil AB (publ) stock with a 90% probability to be traded between kr32.23 and kr37.33 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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TETY.ST Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 2.78%. 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 Tethys Oil AB (publ) stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at kr34.60. On a fall, the stock will find some support from the short-term average at kr33.01. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Tethys Oil AB (publ) stock
Tethys Oil AB (publ) finds support from accumulated volume at kr33.20 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 kr1.10 between high and low, or 3.41%. For the last week, the stock has had daily average volatility of 2.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TETY.ST) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Tethys Oil AB (publ) to open at kr32.97, and during the day (based on 14 day Average True Range), to move between kr32.07 and kr34.53, which gives a possible trading interval of +/-kr1.23 (+/-3.69%) up or down from last closing price. If Tethys Oil AB (publ) takes out the full calculated possible swing range there will be an estimated 7.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr33.20 (0.30%) than the resistance at kr33.85 (1.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tethys Oil AB (publ) stock A Buy?
Tethys Oil AB (publ) holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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: -1.218 Sell Candidate Downgraded
Predicted Opening Price for Tethys Oil AB (publ) of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| kr32.97 ( 1.00%) | kr33.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TETY.ST
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.07 | 2.30 % | |
| R2 | 33.65 | 1.04 % | ||
| R1 | 33.39 | 0.261 % | ||
| Current price: | 33.30 | |||
| Support | S1 | 32.55 | -2.26 % | |
| S2 | 32.29 | -3.04 % | ||
| S3 | 31.87 | -4.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.70 | 7.21 % | |
| R2 | 34.00 | 2.10 % | ||
| R1 | 33.85 | 1.65 % | ||
| Current price | 33.30 | |||
| Support | S1 | 33.20 | -0.300% | |
| S2 | 32.50 | -2.40% | ||
| S3 | 32.40 | -2.70% |
TETY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 12, 2023 | Jun 12, 2023 | Jun 12, 2023 | kr3.00 | 6.01% |
| 2 | Jun 20, 2022 | Jun 20, 2022 | Jun 20, 2022 | kr5.00 | 6.96% |
| 3 | May 19, 2022 | May 19, 2022 | May 19, 2022 | kr2.00 | 2.53% |
| 4 | May 20, 2021 | May 20, 2021 | May 20, 2021 | kr2.00 | 3.37% |
| 5 | May 14, 2020 | May 14, 2020 | May 14, 2020 | kr2.00 | 4.18% |
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