GALP ENERGIA ADR Stock Forecast

GALP ENERGIA ADR stock price ended at $10.74 on Tuesday, after gaining 4.41%.
(Updated on Apr 23, 2024)

GLPEY Signals & Forecast

The GALP ENERGIA ADR 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 $9.07 and $8.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 27.16%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). GALP ENERGIA ADR has increased 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. The stock had a Golden Star Signal on Friday, February 16, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for GALP ENERGIA ADR stock

GALP ENERGIA ADR finds support from accumulated volume at $10.29 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 $0.299 between high and low, or 2.85%. For the last week, the stock has had daily average volatility of 2.05%.

The GALP ENERGIA ADR stock is extremely overbought on RSI14 (84). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $10.38 (-3.32%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 5 days ago.)

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

For the upcoming trading day on Wednesday, 24th we expect GALP ENERGIA ADR to open at $10.67, and during the day (based on 14 day Average True Range), to move between $10.46 and $11.02, which gives a possible trading interval of +/-$0.281 (+/-2.61%) up or down from last closing price. If GALP ENERGIA ADR takes out the full calculated possible swing range there will be an estimated 5.23% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $10.29, some $0.454 (4.22%) from the current price of $10.74, our system finds the risk reward attractive.

Is GALP ENERGIA ADR stock A Buy?

GALP ENERGIA ADR 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 GALP ENERGIA ADR of Wednesday, April 24, 2024

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