Canadian Overseas Petroleum Ltd Stock Forecast
Is Canadian Overseas Petroleum Ltd stock still a buy after falling -12.50% on Tuesday?
(Updated on Sep 01, 2020)
The Canadian Overseas Petroleum Ltd stock price fell by -12.50% on the last day (Tuesday, 1st Sep 2020) from £0.0040 to £0.0035. During the last trading day the stock fluctuated 0% from a day low at £0.0035 to a day high of £0.0035. The price has risen in 4 of the last 10 days and is up by 775% over the past 2 weeks. Volume has increased on the last day by 818 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 111 million shares were bought and sold for approximately £388.57 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Canadian Overseas Petroleum Ltd stock with a 90% probability to be traded between £0.0032 and £0.0041 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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COPL.L Signals & Forecast
The Canadian Overseas Petroleum Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £0.0028 and £0.0009. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Tuesday, November 30, -1. Further fall is indicated until a new bottom pivot has been found. Canadian Overseas Petroleum Ltd gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Canadian Overseas Petroleum Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at £0.0031. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at £ may give a huge drop in the stock price.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved £0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%.
Our recommended stop-loss: £0 (-5.00%) (Unable to calculate.)
Trading Expectations (COPL.L) For The Upcoming Trading Day Of Wednesday 2nd
Since the stock is closer to the resistance from accumulated volume at £0.0039 (11.43%) than the support at £0.0031 (11.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Canadian Overseas Petroleum Ltd stock A Buy?
Canadian Overseas Petroleum Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Canadian Overseas Petroleum Ltd of Wednesday, September 2, 2020
Fair opening price September 2, 2020 | Current price |
---|---|
£0.0035 ( 0%) | £0.0035 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COPL.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0035 | . | |
R2 | 0.0035 | . | ||
R1 | 0.0035 | . | ||
Current price: | 0.0035 | |||
Support | S1 | 0.0035 | . | |
S2 | 0.0035 | . | ||
S3 | 0.0035 | . |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0.0040 | 14.29 % | ||
R1 | 0.0039 | 11.43 % | ||
Current price | 0.0035 | |||
Support | S1 | 0.0031 | -11.43% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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