Toro Energy Limited Stock Forecast

Toro Energy Limited stock upgraded from Strong Sell Candidate to Sell Candidate after Monday trading session.
(Updated on Apr 22, 2024)

TOE.AX Signals & Forecast

There are few to no technical positive signals at the moment. The Toro Energy Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.469 and $0.437. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -16.50%. 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 fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Toro Energy Limited stock

Toro Energy Limited finds support from accumulated volume at $0.415 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0150 between high and low, or 3.49%. For the last week the stock has had daily average volatility of 5.34%.

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

Trading Expectations (TOE.AX) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Toro Energy Limited to open at $0.435, and during the day (based on 14 day Average True Range), to move between $0.403 and $0.457, which gives a possible trading interval of +/-$0.0268 (+/-6.23%) up or down from last closing price. If Toro Energy Limited takes out the full calculated possible swing range there will be an estimated 12.47% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.415 (3.49%) than the resistance at $0.480 (11.63%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Toro Energy Limited stock A Buy?

Toro Energy Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -3.584 Sell Candidate Upgraded

Predicted Opening Price for Toro Energy Limited of Tuesday, April 23, 2024

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