Newfield Exploration Company Forecast and Stock Analysis
Technical NFX.L stock analysis for March 22, 2019.
|Shorts||3.20% ( 2019-01-31 )|
Newfield Exploration Company gained 9.09% in the last trading day, rising from £2.20 to £2.40 The price has been going up and down for this period, and there has been a 17.07% gain for the last 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 3.58 million more shares were traded than the day before. In total, 3.95 million shares bought and sold for approximately £9.48 million.
Close price at the end of the last trading day (Friday, 22nd Mar 2019) of the NFX.L stock was £2.40. This is 9.09% more than the trading day before Thursday, 21st Mar 2019.
During day the stock fluctuated 6.67% from a day low at £2.25 to a day high of £2.40.
30 day high of the NFX.L stock price was £2.60 and low was £2.00.
90 day high was £2.75 and low was £1.90.
52 week high for the Newfield Exploration Company - £4.40 and low - £1.90.
Newfield Exploration Company has broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction there will be support on the roof on the current trend broken, which is £2.37, a level that may pose a second chance to hit a runner. According to fan-theory £2.83 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
Only positive signals in the chart today. Newfield Exploration Company 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 £2.24 and £2.10. 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 is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
The stock holds a RSI14 at 73 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £2.10 and £2.05.
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, Newfield Exploration Company finds support just below today's level at £2.10. If this is broken, then the next support from accumulated volume will be at £2.05 and £2.03.
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 £0.15 between high and low, or 6.67%. For the last week, the stock has had a daily average volatility of 4.14%.
The stock is extremely overbought on RSI14 (73). Normally this will 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 stoploss: £2.30 (-3.99%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 73 and this increases the risk substantially. There is a buy signal from pivot bottom found 2 days ago.)
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Evaluation: Strong Buy Candidate
Newfield Exploration Company holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate.