Superior Drilling Products, Inc Stock Forecast
Green day on Friday for Superior Drilling Products, Inc
(Updated on Apr 26, 2024)
The Superior Drilling Products, Inc stock price gained 2.02% on the last trading day (Friday, 26th Apr 2024), rising from $1.24 to $1.26. During the last trading day the stock fluctuated 6.72% from a day low at $1.19 to a day high of $1.27. The price has risen in 5 of the last 10 days and is up by 14.38% over the past 2 weeks. Volume fell on the last day by -207 thousand shares and in total, 68 thousand shares were bought and sold for approximately $85.76 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 upper part of a wide and strong 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 $1.30 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 81.12% during the next 3 months and, with a 90% probability hold a price between $1.89 and $2.35 at the end of this 3-month period.
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SDPI Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 22, 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). 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The Superior Drilling Products, Inc 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 $1.23 and $1.03. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Superior Drilling Products, Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.13 and $1.06. 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, Superior Drilling Products, Inc finds support just below today's level at $1.13. If this is broken, then the next support from accumulated volume will be at $1.06 and $1.00.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0800 between high and low, or 6.72%. For the last week the stock has had daily average volatility of 6.38%.
Our recommended stop-loss: $1.22 (-3.02%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SDPI) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Superior Drilling Products, Inc to open at $1.24, and during the day (based on 14 day Average True Range), to move between $1.19 and $1.33, which gives a possible trading interval of +/-$0.0710 (+/-5.64%) up or down from last closing price. If Superior Drilling Products, Inc takes out the full calculated possible swing range there will be an estimated 11.27% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.13, some $0.130 (10.32%) from the current price of $1.26, our system finds the risk reward attractive.
Is Superior Drilling Products, 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 Superior Drilling Products, Inc stock to perform well in the short-term.
Current score: 2.645 Buy Candidate Unchanged
Predicted Opening Price for Superior Drilling Products, Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $1.24 ( 1.59%) | $1.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SDPI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.32 | 4.76 % | |
| R2 | 1.29 | 2.34 % | ||
| R1 | 1.27 | 0.84 % | ||
| Current price: | 1.26 | |||
| Support | S1 | 1.21 | -4.01 % | |
| S2 | 1.19 | -5.51 % | ||
| S3 | 1.16 | -7.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1.26 | |||
| Support | S1 | 1.13 | -10.32% | |
| S2 | 1.06 | -15.87% | ||
| S3 | 1.00 | -20.63% |
FAQ
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