Evolution Petroleum Corp Stock Forecast

Red day on Tuesday for Evolution Petroleum Corp stock after losing 0.523%
(Updated on Apr 23, 2024)

EPM Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 1.78%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Evolution Petroleum Corp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell 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 $5.73 and $5.94. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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.

Support, Risk & Stop-loss for Evolution Petroleum Corp stock

Evolution Petroleum Corp finds support from accumulated volume at $5.70 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.140 between high and low, or 2.46%. For the last week the stock has had daily average volatility of 2.82%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EPM) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Evolution Petroleum Corp to open at $5.75, and during the day (based on 14 day Average True Range), to move between $5.54 and $5.88, which gives a possible trading interval of +/-$0.165 (+/-2.89%) up or down from last closing price. If Evolution Petroleum Corp takes out the full calculated possible swing range there will be an estimated 5.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $5.70 (0.18%) than the resistance at $5.78 (1.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Evolution Petroleum Corp stock A Buy?

The Evolution Petroleum Corp stock holds several negative signals and despite the positive trend, we believe Evolution Petroleum Corp will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.633 Sell Candidate Unchanged

Predicted Opening Price for Evolution Petroleum Corp of Wednesday, April 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.