Fri 20'th Jul 2018
Black Stone Minerals LP Stock Analysis
Technical stock analysis for Fri 20'th Jul 2018
|Shorts||1.20% ( 2018-06-29 )|
Black Stone Minerals LP fell by -1.48% in the last day from $17.59 to $17.33 and has now fallen 6 days in a row. The price has fallen in 8 of the last 10 days and is down by -4.47% for this period. Volume has increased in the last day by 33 249 shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 97 541 shares bought and sold for approximately $1.69 million.
Black Stone Minerals LP has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $17.68 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
There are few to none technical positive signals at the moment. Black Stone Minerals LP holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 $17.79 and $18.23. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Monday June 25, 2018, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Relative Strength Index (RSI)
RSI14 is 14 and the stock is extremely oversold on RSI14, but some stocks may continue to fall despite the high chance of a correction up. The low RSI lowers the general risk and the stock should be considered if other technical requirements like liquidity and risk-reward are meet.
Support & Resistance
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.31 (1.79%) between high and low. For the last week, the stock has had a daily average volatility of 1.56%.
Black Stone Minerals LP is overbought on RSI14 (14). Some stocks may go long and hard while being overbought on RSI, but overbought increases the general risk as higher volatility could be expected, and at some level the stock will have a reaction back to gain new strength.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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Black Stone Minerals LP holds several negative signals and is within a 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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Sell Candidate.Click for Top 5 Sell Candidates
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