Abraxas Petroleum Corporation Stock Analysis
Technical stock analysis for 18 January 2019
Abraxas Petroleum Corporation fell by -2.19% in the last day from $1.37 to $1.34 The price has been going up and down for this period, and there has been a -0.74% loss for the last 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -57 555 shares and in total 524 324 shares bought and sold for approximately $702 594.00.
Close price at the end of the last trading day (Friday, 18th Jan 2019) of the AXAS stock was $1.34. This is 2.19% less than the trading day before Thursday, 17th Jan 2019.
During day the stock fluctuated 5.32% from a day low at $1.32 to a day high of $1.39.
30 day high of the AXAS stock price was $1.46 and low was $0.90.
90 day high was $2.07 and low was $0.90.
52 week high for the Abraxas Petroleum Corporation - $3.27 and low - $0.90.
Abraxas Petroleum Corporation lies the upper part of a very wide and falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.44 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -35.34% during the next 3 months and, with 90% probability hold a price between $0.46 and $0.93 at the end of this period.
There are mixed signals in the stock today. Abraxas Petroleum Corporation holds sales signals from both short- and long-term moving averages. On corrections up there will be some resistance from the lines at $1.36 and $1.36. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Monday January 14, 2019, which indicates further gains until a new top pivot has been found.
Relative Strength Index (RSI)
The stock holds a RSI14 at 73 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $1.21 and $1.12.
There is 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, Abraxas Petroleum Corporation finds support just below today's level at $1.21. If this is broken, then the next support from accumulated volume will be at $1.12 and $1.09.
This stock may move much during a day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.07 between high and low, or 5.32%. For the last week the stock has had a daily average volatility of 5.89%.
The stock is overbought on RSI14 and lies in the upper part of the trend. Normally this will pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stoploss: $1.25 (-7.01%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 73 and this increases the risk substantially. There is a buy signal from pivot bottom found 4 days ago.)
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Abraxas Petroleum Corporation holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.
|AXAS $1.34 $-0.03(-2.19%)|
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