Tullow Oil plc Stock Forecast

Stronger technical forecast for Tullow Oil plc stock price after Thursday trading.
(Updated on May 09, 2024)

TUWOY Signals & Forecast

The Tullow Oil plc 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 $0.214. On a fall, the stock will find some support from the long-term average at approximately $0.202. 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. Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. 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 Wednesday, May 01, 2024, and so far it has fallen -10.37%. 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 Tullow Oil plc stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.183 and $0.173. 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, Tullow Oil plc finds support just below today's level at $0.183. If this is broken, then the next support from accumulated volume will be at $0.173 and $0.168.

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 $0.0200 between high and low, or 10.00%. For the last week, the stock has had daily average volatility of 8.10%.

Our recommended stop-loss: $0.195 (-6.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (TUWOY) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Tullow Oil plc to open at $0.209, and during the day (based on 14 day Average True Range), to move between $0.187 and $0.228, which gives a possible trading interval of +/-$0.0209 (+/-10.07%) up or down from last closing price. If Tullow Oil plc takes out the full calculated possible swing range there will be an estimated 20.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.210 (1.17%) than the support at $0.183 (11.81%), 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 Tullow Oil plc 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 Tullow Oil plc 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: 1.160 Buy Candidate Upgraded

Predicted Opening Price for Tullow Oil plc of Friday, May 10, 2024

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