Touchstone Exploration Inc Stock Forecast
Touchstone Exploration Inc stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Touchstone Exploration Inc stock price gained 4.08% on the last trading day (Wednesday, 27th Mar 2024), rising from £49.00 to £51.00. During the last trading day the stock fluctuated 4.80% from a day low at £48.74 to a day high of £51.08. The price has been going up and down for this period, and there has been a -0.97% loss for the last 2 weeks. Volume fell on the last day by -89 thousand shares and in total, 346 thousand shares were bought and sold for approximately £17.67 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong 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 22.98% during the next 3 months and, with a 90% probability hold a price between £58.31 and £73.85 at the end of this 3-month period.
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TXP.L Signals & Forecast
A sell signal was issued from a pivot top point on Thursday, February 08, 2024, and so far it has fallen -5.56%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The Touchstone Exploration Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £49.29 and £50.46. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Touchstone Exploration Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at £48.00 and £43.00. 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, Touchstone Exploration Inc finds support just below today's level at £48.00. If this is broken, then the next support from accumulated volume will be at £43.00 and £41.50.
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 £2.34 between high and low, or 4.80%. For the last week, the stock has had daily average volatility of 6.21%.
Our recommended stop-loss: £48.44 (-5.02%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 34 days ago.)
Trading Expectations (TXP.L) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Touchstone Exploration Inc to open at £50.27, and during the day (based on 14 day Average True Range), to move between £48.80 and £53.20, which gives a possible trading interval of +/-£2.20 (+/-4.32%) up or down from last closing price. If Touchstone Exploration Inc takes out the full calculated possible swing range there will be an estimated 8.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £51.50 (0.98%) than the support at £48.00 (5.88%), 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 Touchstone Exploration Inc stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.135 Buy Candidate Upgraded
Predicted Opening Price for Touchstone Exploration Inc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
£50.27 ( 1.42%) | £51.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TXP.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 52.61 | 3.16 % | |
R2 | 51.72 | 1.41 % | ||
R1 | 51.17 | 0.328 % | ||
Current price: | 51.00 | |||
Support | S1 | 49.38 | -3.18 % | |
S2 | 48.83 | -4.26 % | ||
S3 | 47.93 | -6.01 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 54.00 | 5.88 % | |
R2 | 52.50 | 2.94 % | ||
R1 | 51.50 | 0.98 % | ||
Current price | 51.00 | |||
Support | S1 | 48.00 | -5.88% | |
S2 | 43.00 | -15.69% | ||
S3 | 41.50 | -18.63% |
FAQ
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