ProPetro Holding Corp Stock Forecast
ProPetro Holding Corp stock upgraded to Buy Candidate.
(Updated on Apr 24, 2024)
The ProPetro Holding Corp stock price gained 0.231% on the last trading day (Wednesday, 24th Apr 2024), rising from $8.64 to $8.66. During the last trading day the stock fluctuated 2.91% from a day low at $8.43 to a day high of $8.67. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks. Volume fell on the last day by -164 thousand shares and in total, 1 million shares were bought and sold for approximately $8.91 million. 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 upper part of a wide and weak rising 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 $8.73 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.24% during the next 3 months and, with a 90% probability hold a price between $7.73 and $9.19 at the end of this 3-month period.
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PUMP Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The ProPetro Holding Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $8.44 and $8.02. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for ProPetro Holding Corp stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.41 and $7.40. There is a 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, ProPetro Holding Corp finds support just below today's level at $7.41. If this is broken, then the next support from accumulated volume will be at $7.40 and $7.09.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.245 between high and low, or 2.91%. For the last week, the stock has had daily average volatility of 4.09%.
Our recommended stop-loss: $8.37 (-3.40%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (PUMP) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect ProPetro Holding Corp to open at $8.59, and during the day (based on 14 day Average True Range), to move between $8.35 and $8.97, which gives a possible trading interval of +/-$0.314 (+/-3.63%) up or down from last closing price. If ProPetro Holding Corp takes out the full calculated possible swing range there will be an estimated 7.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.90 (2.77%) than the support at $7.41 (14.43%), 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.
Earnings coming up
ProPetro Holding Corp will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0800. We will update the financials statements for ProPetro Holding Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.61% in the first trading day after earnings release.
Is ProPetro Holding Corp stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProPetro Holding Corp stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.130 Buy Candidate Upgraded
Predicted Opening Price for ProPetro Holding Corp of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $8.59 ( 0.87%) | $8.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PUMP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.83 | 1.96 % | |
| R2 | 8.74 | 0.88 % | ||
| R1 | 8.68 | 0.215 % | ||
| Current price: | 8.66 | |||
| Support | S1 | 8.49 | -1.95 % | |
| S2 | 8.43 | -2.61 % | ||
| S3 | 8.34 | -3.70 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 8.90 | 2.77 % | ||
| Current price | 8.66 | |||
| Support | S1 | 7.41 | -14.43% | |
| S2 | 7.40 | -14.55% | ||
| S3 | 7.09 | -18.13% |
FAQ
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