Ncondezi Energy Limited Forecast and Stock Analysis
Technical NCCL.L stock analysis for March 22, 2019.
Ncondezi Energy Limited gained 8.40% in the last trading day, rising from £6.55 to £7.10 , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 7 of the last 10 days and is up by 37.86% over the past 2 weeks. Volume fell in the last day by -0.74 million shares, and in total, 2.04 million shares bought and sold for approximately £14.52 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.
Close price at the end of the last trading day (Friday, 22nd Mar 2019) of the NCCL.L stock was £7.10. This is 8.4% more than the trading day before Thursday, 21st Mar 2019.
During day the stock fluctuated 11.81% from a day low at £6.35 to a day high of £7.10.
30 day high of the NCCL.L stock price was £8.05 and low was £4.55.
90 day high was £8.05 and low was £4.55.
52 week high for the Ncondezi Energy Limited - £10.13 and low - £4.55.
Ncondezi Energy Limited lies in the upper part of a very wide and weak rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at £7.61 will firstly indicate a stronger raising rate. Given the current short-term trend, the stock is expected to rise 2.42% during the next 3 months and, with 90% probability hold a price between £4.92 and £7.80 at the end of this period.
Only positive signals in the chart today. Ncondezi Energy Limited holds buy signals from both short- and long-term moving averages. In addition, 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 £6.89 and £5.56. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday March 20, 2019, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.
Relative Strength Index (RSI)
RSI14 is 66 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £6.40 and £5.90.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ncondezi Energy Limited finds support just below today's level at £6.40. If this is broken, then the next support from accumulated volume will be at £5.90 and £5.40.
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 £0.75 between high and low, or 11.81%. For the last week, the stock has had a daily average volatility of 14.86%.
Our recommended stoploss: £6.75 (-4.98%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from pivot bottom found 2 days ago.)
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Evaluation: Strong Buy Candidate
Ncondezi Energy Limited holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate.