Contango Oil & Gas Company Forecast and Stock Analysis
Technical MCF stock analysis for March 19, 2019.
|Shorts||14.64% ( 2019-02-28 )|
Contango Oil & Gas Company fell by -4.72% in the last day from $3.60 to $3.43 The price has fallen in 5 of the last 10 days and is down by -4.19% for this period. Volume has increased in the last day by 48 813 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, 108 704 shares bought and sold for approximately $372 855.00.
Close price at the end of the last trading day (Tuesday, 19th Mar 2019) of the MCF stock was $3.43. This is 4.72% less than the trading day before Monday, 18th Mar 2019.
During day the stock fluctuated 5.07% from a day low at $3.35 to a day high of $3.52.
30 day high of the MCF stock price was $4.04 and low was $3.15.
90 day high was $4.05 and low was $2.72.
52 week high for the Contango Oil & Gas Company - $7.32 and low - $2.72.
Given the current horizontal trend you can expect Contango Oil & Gas Company with 90% probability to be traded between $2.85 and $4.07 at the end of this period with 90% probability. 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 roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
There are few to none technical positive signals at the moment. Contango Oil & Gas Company holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $3.58. On a fall, the stock will find some support from the short-term average at $3.41. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal. A sales signal was issued from a pivot top point on Monday March 18, 2019, which indicates further falls until a new bottom pivot has been found. Contango Oil & Gas Company 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-off's".
Relative Strength Index (RSI)
RSI14 is 51 and the stock is currently not being overbought or oversold
Support & Resistance
Contango Oil & Gas Company finds support from accumulated volume at $3.35.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.17 between high and low, or 5.07%. For the last week, the stock has had a daily average volatility of 6.10%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
Very Low Low Medium High Very High
Evaluation: Sell Candidate
Contango Oil & Gas Company holds several negative signals and is within a very wide and 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.