Ultra Petroleum Corp Stock Forecast
Ultra Petroleum Corp stock price ended at £4.05 on Wednesday, after gaining 1.25%.
(Updated on Apr 17, 2024)
The Ultra Petroleum Corp stock price gained 1.25% on the last trading day (Wednesday, 17th Apr 2024), rising from £4.00 to £4.05. During the last trading day the stock fluctuated 8.32% from a day low at £3.94 to a day high of £4.27. The price has risen in 7 of the last 10 days and is up by 28.57% over the past 2 weeks. Volume fell on the last day by -162 thousand shares and in total, 4 million shares were bought and sold for approximately £17.39 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 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 3.63% during the next 3 months and, with a 90% probability hold a price between £2.85 and £4.82 at the end of this 3-month period.
UPL.L Signals & Forecast
The Ultra Petroleum Corp 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 £4.23. On a fall, the stock will find some support from the long-term average at approximately £3.44. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. 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, April 10, 2024, and so far it has fallen -12.72%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Ultra Petroleum Corp stock
Ultra Petroleum Corp finds support from accumulated volume at £3.92 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved £0.328 between high and low, or 8.32%. For the last week, the stock has had daily average volatility of 10.21%.
Our recommended stop-loss: £3.84 (-5.10%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (UPL.L) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Ultra Petroleum Corp to open at £4.09, and during the day (based on 14 day Average True Range), to move between £3.70 and £4.40, which gives a possible trading interval of +/-£0.350 (+/-8.65%) up or down from last closing price. If Ultra Petroleum Corp takes out the full calculated possible swing range there will be an estimated 17.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £4.06 (0.25%) than the support at £3.92 (3.21%), 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 Ultra Petroleum Corp 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 Ultra Petroleum Corp stock to perform well in the short-term.
Current score: 2.770 Buy Candidate Unchanged
Predicted Opening Price for Ultra Petroleum Corp of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| £4.09 ( 0.92%) | £4.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UPL.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.42 | 9.02 % | |
| R2 | 4.29 | 5.93 % | ||
| R1 | 4.21 | 4.02 % | ||
| Current price: | 4.05 | |||
| Support | S1 | 3.96 | -2.17 % | |
| S2 | 3.88 | -4.08 % | ||
| S3 | 3.76 | -7.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.50 | 11.11 % | |
| R2 | 4.40 | 8.64 % | ||
| R1 | 4.06 | 0.247 % | ||
| Current price | 4.05 | |||
| Support | S1 | 3.92 | -3.21% | |
| S2 | 3.30 | -18.52% | ||
| S3 | 3.20 | -20.99% |
FAQ
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