Zenith Energy Ltd. Stock Forecast
Green day on Wednesday for Zenith Energy Ltd.
(Updated on Jul 03, 2024)
The Zenith Energy Ltd. stock price gained 0.746% on the last trading day (Wednesday, 3rd Jul 2024), rising from kr0.268 to kr0.270. During the last trading day the stock fluctuated 1.11% from a day low at kr0.270 to a day high of kr0.273. The price has fallen in 7 of the last 10 days and is down by -12.62% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 368 thousand shares were bought and sold for approximately kr99.47 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -13.06% during the next 3 months and, with a 90% probability hold a price between kr0.209 and kr0.278 at the end of this 3-month period.
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ZENA.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, July 02, 2024, and so far it has risen 0.746%. Further rise is indicated until a new top pivot has been found. Zenith Energy Ltd. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. 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. The Zenith Energy Ltd. 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 kr0.279 and kr0.291. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Tuesday, July 02, 2024 and based on theory for this formation the price should go up by 30.25% to kr0.352 within 33 trading days (Monday, August 19, 2024) since signal was issued.
Support, Risk & Stop-loss for Zenith Energy Ltd. stock
Zenith Energy Ltd. finds support from accumulated volume at kr0.269 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved kr0.0030 between high and low, or 1.11%. For the last week, the stock has had daily average volatility of 5.29%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZENA.OL) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Zenith Energy Ltd. to open at kr0.271, and during the day (based on 14 day Average True Range), to move between kr0.244 and kr0.296, which gives a possible trading interval of +/-kr0.0262 (+/-9.69%) up or down from last closing price. If Zenith Energy Ltd. takes out the full calculated possible swing range there will be an estimated 19.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr0.269 (0.37%) than the resistance at kr0.284 (5.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zenith Energy Ltd. stock A Buy?
Zenith Energy Ltd. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.480 Sell Candidate Unchanged
Predicted Opening Price for Zenith Energy Ltd. of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| kr0.271 ( 0.370%) | kr0.270 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZENA.OL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.274 | 1.48% |
| R2 | 0.273 | 1.06% |
| R1 | 0.272 | 0.795% |
| Price | 0.270 | |
| S1 | 0.270 | -0.0541% |
| S2 | 0.269 | -0.316% |
| S3 | 0.268 | -0.741% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.300 | 11.11% |
| R2 | 0.295 | 9.26% |
| R1 | 0.284 | 5.19% |
| Price | 0.270 | |
| S1 | 0.269 | -0.370% |
| S2 | 0.268 | -0.741% |
| S3 | 0 | - |
FAQ
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