PrimeEnergy Corp Stock Forecast
PrimeEnergy Corp stock price up 1.04% on Tuesday
(Updated on Apr 23, 2024)
The PrimeEnergy Corp stock price gained 1.04% on the last trading day (Tuesday, 23rd Apr 2024), rising from $98.55 to $99.57. During the last trading day the stock fluctuated 0.573% from a day low at $99.50 to a day high of $100.07. The price has been going up and down for this period, and there has been a 0.57% gain for the last 2 weeks. Volume fell on the last day by -4 thousand shares and in total, 4 thousand shares were bought and sold for approximately $405.75 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.85% during the next 3 months and, with a 90% probability hold a price between $100.40 and $109.72 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PNRG Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The PrimeEnergy Corp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $99.96 and $100.36. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -4.04%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for PrimeEnergy Corp stock
PrimeEnergy Corp finds support from accumulated volume at $98.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.570 between high and low, or 0.573%. For the last week the stock has had daily average volatility of 1.86%
Our recommended stop-loss: $95.22 (-4.37%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (PNRG) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect PrimeEnergy Corp to open at $99.71, and during the day (based on 14 day Average True Range), to move between $98.00 and $101.14, which gives a possible trading interval of +/-$1.57 (+/-1.57%) up or down from last closing price. If PrimeEnergy Corp takes out the full calculated possible swing range there will be an estimated 3.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $98.55 (1.02%) than the resistance at $100.74 (1.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PrimeEnergy Corp stock A Buy?
PrimeEnergy Corp holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.740 Hold/Accumulate Unchanged
Predicted Opening Price for PrimeEnergy Corp of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $99.71 ( 0.144%) | $99.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PNRG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 100.28 | 0.716 % | |
| R2 | 100.07 | 0.498 % | ||
| R1 | 99.93 | 0.363 % | ||
| Current price: | 99.57 | |||
| Support | S1 | 99.50 | -0.0747 % | |
| S2 | 99.36 | -0.210 % | ||
| S3 | 99.14 | -0.429 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.14 | 2.58 % | |
| R2 | 101.04 | 1.48 % | ||
| R1 | 100.74 | 1.18 % | ||
| Current price | 99.57 | |||
| Support | S1 | 98.55 | -1.02% | |
| S2 | 98.07 | -1.51% | ||
| S3 | 95.05 | -4.54% |
FAQ
Click here for our free guide on how to buy PrimeEnergy Corp Stock.
