Trend

Abraxas Petroleum Corporation lies the upper part of a very wide and falling trend in the short term, and this may 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 $0.29 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 -54.34% during the next 3 months and, with 90% probability hold a price between $0.05 and $0.13 at the end of this period.

Signals

A buy signal was issued from a pivot bottom point on Thursday December 12, 2019, which indicates further gains until a new top pivot has been found. Abraxas Petroleum Corporation has rising 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Abraxas Petroleum Corporation holds a buy signal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $0.28. On a fall, the stock will find some support from the short-term average at $0.25. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal.

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RSI14 is 60 and the stock is currently not being overbought or oversold

* Stockinvest.us uses dynamical calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behaviour.

Support & Resistance

On the downside, the stock finds support just below today's level from accumulated volume at $0.25 and $0.25.

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 $0.25. If this is broken, then the next support from accumulated volume will be at $0.25 and $0.24.

Risk