Whiting Petroleum Corporation Stock Forecast
Whiting Petroleum Corporation stock upgraded to Buy Candidate.
(Updated on May 08, 2024)
The Whiting Petroleum Corporation stock price gained 2.43% on the last trading day (Wednesday, 8th May 2024), rising from $37.00 to $37.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.49% from a day low at $37.40 to a day high of $38.33. The price has risen in 6 of the last 10 days but is still down by -2.82% for this period. Volume fell on the last day by -5 thousand shares and in total, 7 thousand shares were bought and sold for approximately $266.21 thousand. 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 lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $36.92 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 58.69% during the next 3 months and, with a 90% probability hold a price between $58.59 and $74.31 at the end of this 3-month period.
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WLLAW Signals & Forecast
A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -7.90%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Whiting Petroleum Corporation 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 $36.64 and $37.31. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Whiting Petroleum Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $35.74 and $35.50. 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, Whiting Petroleum Corporation finds support just below today's level at $35.74. If this is broken, then the next support from accumulated volume will be at $35.50 and $29.66.
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 $0.93 between high and low, or 2.49%. For the last week the stock has had daily average volatility of 1.79%.
Our recommended stop-loss: $36.51 (-3.66%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (WLLAW) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Whiting Petroleum Corporation to open at $37.88, and during the day (based on 14 day Average True Range), to move between $36.48 and $39.32, which gives a possible trading interval of +/-$1.42 (+/-3.75%) up or down from last closing price. If Whiting Petroleum Corporation takes out the full calculated possible swing range there will be an estimated 7.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $38.25 (0.92%) than the support at $35.74 (5.70%), 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 Whiting Petroleum Corporation 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: 1.658 Buy Candidate Upgraded
Predicted Opening Price for Whiting Petroleum Corporation of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $37.88 ( 0.0616%) | $37.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WLLAW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.81 | 2.39 % | |
| R2 | 38.45 | 1.45 % | ||
| R1 | 38.23 | 0.88 % | ||
| Current price: | 37.90 | |||
| Support | S1 | 37.52 | -1.00 % | |
| S2 | 37.30 | -1.58 % | ||
| S3 | 36.95 | -2.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.15 | 8.58 % | |
| R2 | 39.35 | 3.83 % | ||
| R1 | 38.25 | 0.92 % | ||
| Current price | 37.90 | |||
| Support | S1 | 35.74 | -5.70% | |
| S2 | 35.50 | -6.33% | ||
| S3 | 29.66 | -21.74% |
FAQ
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