Petrel Resources Stock Forecast
Petrel Resources stock price up 3.80% on Monday
(Updated on Apr 22, 2024)
The Petrel Resources stock price gained 3.80% on the last trading day (Monday, 22nd Apr 2024), rising from £2.00 to £2.08. During the last trading day the stock fluctuated 7.79% from a day low at £1.93 to a day high of £2.08. The price has risen in 6 of the last 10 days and is up by 57.27% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 117 thousand more shares were traded than the day before. In total, 127 thousand shares were bought and sold for approximately £263.51 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may 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 £2.16 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -25.64% during the next 3 months and, with a 90% probability hold a price between £0.88 and £1.61 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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PET.L Signals & Forecast
Mostly positive signals in the chart today. The Petrel Resources stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £1.83 and £1.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 57.27%. 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). Petrel Resources 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.
Support, Risk & Stop-loss for Petrel Resources stock
Petrel Resources finds support from accumulated volume at £2.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved £0.150 between high and low, or 7.79%. For the last week, the stock has had daily average volatility of 9.45%.
The Petrel Resources stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: £2.01 (-3.20%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (PET.L) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Petrel Resources to open at £2.03, and during the day (based on 14 day Average True Range), to move between £1.96 and £2.20, which gives a possible trading interval of +/-£0.119 (+/-5.74%) up or down from last closing price. If Petrel Resources takes out the full calculated possible swing range there will be an estimated 11.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £2.15 (3.56%) than the support at £2.00 (3.66%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Petrel Resources stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.968 Buy Candidate Unchanged
Predicted Opening Price for Petrel Resources of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| £2.03 ( 2.41%) | £2.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PET.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.18 | 4.82 % | |
| R2 | 2.12 | 2.06 % | ||
| R1 | 2.08 | 0.352 % | ||
| Current price: | 2.08 | |||
| Support | S1 | 1.97 | -5.17 % | |
| S2 | 1.93 | -6.87 % | ||
| S3 | 1.88 | -9.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.50 | 20.42 % | |
| R2 | 2.45 | 18.02 % | ||
| R1 | 2.15 | 3.56 % | ||
| Current price | 2.08 | |||
| Support | S1 | 2.00 | -3.66% | |
| S2 | 1.69 | -18.69% | ||
| S3 | 1.65 | -20.52% |
FAQ
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