Toro Energy Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Toro Energy Limited stock upgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Toro Energy Limited stock price fell by -1.14% on the last day (Friday, 3rd May 2024) from $0.440 to $0.435. During the last trading day the stock fluctuated 5.88% from a day low at $0.425 to a day high of $0.450. The price has been going up and down for this period, and there has been a -4.4% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -56 thousand shares and in total, 241 thousand shares were bought and sold for approximately $105.05 thousand.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.79% during the next 3 months and, with a 90% probability hold a price between $0.391 and $0.534 at the end of this 3-month period.
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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. 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 $0.437 and $0.448. 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 -15.53%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Toro Energy Limited stock
Toro Energy Limited finds support from accumulated volume at $0.430 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0250 between high and low, or 5.88%. For the last week the stock has had daily average volatility of 5.99%.
Toro Energy Limited is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $0.413 (-5.16%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 23 which reduces the risk some. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (TOE.AX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Toro Energy Limited to open at $0.437, and during the day (based on 14 day Average True Range), to move between $0.410 and $0.460, which gives a possible trading interval of +/-$0.0248 (+/-5.70%) up or down from last closing price. If Toro Energy Limited takes out the full calculated possible swing range there will be an estimated 11.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.440 (1.15%) than the support at $0.430 (1.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Toro Energy Limited stock A Buy?
Toro Energy Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.501 Hold/Accumulate Upgraded
Predicted Opening Price for Toro Energy Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.437 ( 0.383%) | $0.435 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TOE.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.462 | 6.13 % | |
| R2 | 0.452 | 3.93 % | ||
| R1 | 0.446 | 2.58 % | ||
| Current price: | 0.435 | |||
| Support | S1 | 0.427 | -1.81 % | |
| S2 | 0.421 | -3.17 % | ||
| S3 | 0.412 | -5.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.500 | 14.94 % | |
| R2 | 0.485 | 11.49 % | ||
| R1 | 0.440 | 1.15 % | ||
| Current price | 0.435 | |||
| Support | S1 | 0.430 | -1.15% | |
| S2 | 0.415 | -4.60% | ||
| S3 | 0.380 | -12.64% |
FAQ
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