Ring Energy, Inc Stock Forecast
Green day on Friday for Ring Energy, Inc stock after gaining 2.54%
(Updated on Apr 19, 2024)
The Ring Energy, Inc stock price gained 2.54% on the last trading day (Friday, 19th Apr 2024), rising from $1.97 to $2.02. During the last trading day the stock fluctuated 6.70% from a day low at $1.92 to a day high of $2.05. The price has been going up and down for this period, and there has been a -0.98% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 148 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $2.72 million.
The stock lies in the middle of a wide and strong 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 74.41% during the next 3 months and, with a 90% probability hold a price between $3.29 and $3.86 at the end of this 3-month period.
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REI Signals & Forecast
The Ring Energy, Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $2.05. On a fall, the stock will find some support from the long-term average at approximately $1.86. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.72%. 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).
Support, Risk & Stop-loss for Ring Energy, Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.90 and $1.86. 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, Ring Energy, Inc finds support just below today's level at $1.90. If this is broken, then the next support from accumulated volume will be at $1.86 and $1.56.
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 $0.129 between high and low, or 6.70%. For the last week, the stock has had daily average volatility of 4.85%.
Our recommended stop-loss: $1.91 (-5.26%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (REI) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Ring Energy, Inc to open at $2.00, and during the day (based on 14 day Average True Range), to move between $1.93 and $2.11, which gives a possible trading interval of +/-$0.0901 (+/-4.46%) up or down from last closing price. If Ring Energy, Inc takes out the full calculated possible swing range there will be an estimated 8.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.07 (2.48%) than the support at $1.90 (5.94%), 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 Ring Energy, Inc 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 Ring Energy, Inc stock to perform well in the short-term.
Current score: 3.387 Buy Candidate Unchanged
Predicted Opening Price for Ring Energy, Inc of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$2.00 ( 1.13%) | $2.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.13 | 5.24 % | |
R2 | 2.08 | 2.80 % | ||
R1 | 2.05 | 1.30 % | ||
Current price: | 2.02 | |||
Support | S1 | 1.95 | -3.57 % | |
S2 | 1.92 | -5.07 % | ||
S3 | 1.87 | -7.50 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.09 | 3.47 % | |
R2 | 2.08 | 2.97 % | ||
R1 | 2.07 | 2.48 % | ||
Current price | 2.02 | |||
Support | S1 | 1.90 | -5.94% | |
S2 | 1.86 | -7.92% | ||
S3 | 1.56 | -22.77% |
FAQ
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