Chariot Oil & Gas Limited Stock Forecast
Stronger technical forecast for Chariot Oil & Gas Limited stock price after Thursday trading.
(Updated on Apr 25, 2024)
The Chariot Oil & Gas Limited stock price gained 2.47% on the last trading day (Thursday, 25th Apr 2024), rising from £8.49 to £8.70. During the last trading day the stock fluctuated 4.66% from a day low at £8.50 to a day high of £8.89. The price has fallen in 6 of the last 10 days and is down by -7.25% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately £42.86 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.44% during the next 3 months and, with a 90% probability hold a price between £7.91 and £10.73 at the end of this 3-month period.
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CHAR.L Signals & Forecast
The Chariot Oil & Gas Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately £8.85. On a fall, the stock will find some support from the long-term average at approximately £8.53. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -11.59%. 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).
A sell signal from a double top formation was found on Friday, April 12, 2024 and based on theory for this formation the price should fall by -34.46% to £5.70 within 50 trading days since signal was issued (Friday, April 26, 2024).
Support, Risk & Stop-loss for Chariot Oil & Gas Limited stock
Chariot Oil & Gas Limited finds support from accumulated volume at £8.68 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 £0.396 between high and low, or 4.66%. For the last week, the stock has had daily average volatility of 5.17%.
Our recommended stop-loss: £8.18 (-5.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (CHAR.L) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Chariot Oil & Gas Limited to open at £8.70, and during the day (based on 14 day Average True Range), to move between £8.08 and £9.32, which gives a possible trading interval of +/-£0.619 (+/-7.11%) up or down from last closing price. If Chariot Oil & Gas Limited takes out the full calculated possible swing range there will be an estimated 14.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £8.68 (0.23%) than the resistance at £8.98 (3.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chariot Oil & Gas Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Chariot Oil & Gas Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.668 Buy Candidate Upgraded
Predicted Opening Price for Chariot Oil & Gas Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| £8.70 ( 0.0506%) | £8.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHAR.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.09 | 4.50 % | |
| R2 | 8.94 | 2.76 % | ||
| R1 | 8.85 | 1.69 % | ||
| Current price: | 8.70 | |||
| Support | S1 | 8.54 | -1.79 % | |
| S2 | 8.45 | -2.86 % | ||
| S3 | 8.30 | -4.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.84 | 13.10 % | |
| R2 | 9.38 | 7.82 % | ||
| R1 | 8.98 | 3.22 % | ||
| Current price | 8.70 | |||
| Support | S1 | 8.68 | -0.230% | |
| S2 | 7.90 | -9.20% | ||
| S3 | 7.70 | -11.49% |
FAQ
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